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Bakers also has arrangerd new payment terms with vendors and landlords that reflectgthe company’s “seasonal cash flow patterns,” accordinhg to a quarterly reporyt filed Monday with the . Peter Edison, chairman and chief executive, declined to providee details about the newpayment terms, citing confidentialp agreements with vendors and landlords. Bakersw has been posting increases in salesa but its losses anda “potential inabilityh to comply with financial covenants” “substantiak doubt about whether the company can continue as a goingb concern.
” Bakers said it believes it has adequate liquidity to fund anticipatecd working capital requirements and expects to be in compliance with its financiap covenants for the rest of the year. Also on Bakers said it boosted sales and trimmeds its loss in thefirst quarter. Net salesz were $45 million for the 13 weekes endedMay 2, up 3 percent from $43.56 million a year ago. Comparable store which compare stores that have been open at leastta year, increased 4.8 compared to a decrease of 11 percent a year The shoe retailer lost $2.8 million in the firstt quarter, compared to a loss of $4.9 millionb a year ago.
“We’re pleased with the progress we’ved made,” Edison said. “We expect to be cash flow and we’re paying down our debt and getting St. Louis-based Bakers Footwear Group (Nasdaq: BKRS) is a mall-baser retailer of moderately priced footwear and accessoriexsfor women. It operates storee under the Bakers and Wild Pair with 239stores open.
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