Auditors question airbed specialist’s ability to continue<\/p>\n
Bedding manufacturer and retailer Select Comfort reported a fourth-quarter net loss of $57.4 million and said its auditor has issued a qualified opinion on its 2008 financial statement that questions the company’s ability to continue as going concern.<\/p>\n
The producer of airbeds and related accessories said its sales tumbled 31.3% in the fourth quarter.<\/p>\n
Its 471 company-owned retail stores, which account for about 80% of total sales, had a same-store sales decline of 29% in the quarter.<\/p>\n
“There is no doubt that we are operating in the most challenging environment in our company’s history,” said Bill McLaughlin, president and CEO. “While we have made good progress on reducing costs and stabilizing sales, it also is important for us to further enhance our financial flexibility.”<\/p>\n
Sales for the quarter ended Jan. 3 totaled $131.1 million, down from $190.7 million in the fourth quarter of 2007. <\/p>\n","protected":false},"excerpt":{"rendered":"
Auditors question airbed specialist’s ability to continue<\/p>\n
Bedding manufacturer and retailer Select Comfort reported a fourth-quarter net loss of $57.4 million and said its auditor has issued a qualified opinion on its 2008 financial statement that questions the company’s ability to continue as going concern.<\/p>\n