X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ST. LOUIS-Build-A-Bear Workshop will expand slowly, even as it shutters its “friends 2B made chain,” executives said at the company’s third-quarter conference call. The company plans to open approximately six new stores in 2009, versus 20 new stores in North America this year.

The company also will open five stores in Europe in 2008. However, the retailer still foresees opening a total of 70 units in the United Kingdom and Ireland.

“We are analyzing all leases that expire in 2009 and 2010,” said Maxine Clark, chairman and chief executive bear. “We expect that some leases will be renewed, some will be relocated, and some will not be reviewed.”

In September, the company announced it would close its nine-unit ‘friends 2B made’ custom doll chain, and a number of those stores could become expanded Build-A-Bear units.

“While the store had appeal, it would require additional investment of both financial and human potential,” Clark said.

Net retail sales were $105.8 million, down 2% from the same period last year. Consolidated comp store sales declined 11.6%. A comp-store sales decline in North America was partly offset by new stores and an 8.2% increase in comps in Europe. The company posted a net loss of $2.0 million, vs. earnings of $3.0 million last year.

Build-A-Bear Workshop operates more than 400 Build-A-Bear Workshop stores worldwide, including company-owned stores in the U.S., Puerto Rico, Canada, the United Kingdom, Ireland and France, and franchise stores in Europe, Asia, Australia and Africa.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.