warned on Thursday that there’s substantial doubt about the company’s ability to continue as a “going concern” as sales continue to drop and it struggles to attract shoppers.
The company’s CEO and president Sue Gove blamed the poor performance on inventory constraints and reduced credit limits that resulted in shortages of merchandise on the shelves. Mired in a prolonged sales slump, the company also announced back in August that it would revert to its original strategy of focusing on national brands, instead of pushing its own store labels.
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