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Wet Seal Q2 posts wider-than-expected loss; sales miss
Foothill Ranch, Calif. – Teen retailer The Wet Seal reported a new loss of $22 million for its second quarter, up from $1 million to $22 million in the year-ago period. Lower merchandise margins, higher occupancy costs, costs related to exiting its Arden B business, and non-cash asset impairment charges all helped increase Wet Seal’s net loss.
Net sales decreased 11.6% to $121.2 million, from $137.2 million. One bright spot was e-commerce, where sales rose 25%.
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RKF named leasing agent for The Factory in Long Island City
New York — RKF has been selected as the exclusive retail leasing agent for The Factory, a one-million-square-foot, multi-tenant commercial building located in Long Island City, Queens. Situated in the Hunter’s Point section of Long Island City, the retail space at The Factory consists of 23,564-sq.-ft. on the ground floor and 21,854-sq.-ft. on the building’s lower level.
RKF executive VP Barry Fishbach and director Young Kim are bringing the opportunity to market for Atlas Capital Group, who recently acquired the property.