For the last quarter, the company recorded a loss of $23.5 million, which is more than double the $10.5 million loss a year earlier. Part of this loss is attributed to the botched implementation of a new merchandizing system.
But more broadly, the department store has been on a downward spiral for some time. It has been struggling for several reasons: The strong dollar has discouraged tourists from shopping, there has been a loss of foot traffic in stores across the fashion industry, and the new retail environment has been challenging since once-loyal customers now go online for better deals.
Read more in the Wall Street Journal (paywall).