| Business Summary | | Lechters,
Inc.
operates
leased
houseware
and
giftware
departments
in
discount
department
stores.
The
first
Lechters
Housewares
store
was
opened
in
Rockaway,
New
Jersey.
New
store
development
emphasized
mall
locations,
but
was
subsequently
expanded
to
include
strip
center
and
city
locations.
In
1990,
the
Company
created
the
Famous
Brands
Housewares
Outlet
concept,
with
the
intent
of
offering
housewares
manufacturers
not
otherwise
having
a
retail
presence
in
outlet
malls
a
venue
experiencing
substantial
customer
traffic
and
rapid
new
center
development.
Lechters
Housewares
is
a
specialty
retailer
of
products
for
the
kitchen.
Famous
Brands
Housewares
Outlet
continues
the
process
of
transitioning
the
greater
portion
of
its
assortment
to
off-price,
special-buy
merchandise.
On
May
21,
2001,
Lechters
filed
for
reorganization
under
Chapter
11
of
the
United
States
Bankruptcy
Code. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Lechters
is
a
specialty
retailer
of
brand-name
basic
housewares
and
decorative
housewares.
As
of
5/5/01,
LECH
operated
323
stores.
For
the
13
weeks
ended
5/5/01,
sales
fell
30%
to
$58.7
million.
Net
loss
applicable
to
Common
before
extraordinary
item
totalled
$27
million,
up
from
$7.1
million.
Revenues
reflect
fewer
stores
in
operation
and
a
3%
reduction
in
same
store
sales.
Higher
loss
reflects
a
lower
gross
profit
margin
and
the
absence
of
a
$3.7
million
income
tax
benefit. | More
from
Market Guide: Significant
Developments |
| | | | FY1999 Pay | |
| Donald Jonas, 70 Chairman | $228K | David Cully, 47 Pres,
CEO, Chief Operating Officer | -- | Daniel Anderton Sr.
VP, CFO, Treasurer | -- | Sheon Karol, 42 Sr.
VP, Gen. Counsel | -- | Dennis Hickey, 52 Sr.
VP - Stores | 261K | Dollar amounts are as of 30-Jan-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|