BIRMINGHAM, Ala. -- Bruno's here said it expects to emerge from its nearly two-year-old Chapter 11 bankruptcy protection about Jan. 1, following a confirmation hearing scheduled for late December.
ation hearing scheduled for Dec. 22.
Once the plan is confirmed, the company would emerge from bankruptcy 10 days later, she said.
Bruno's has been operating as a debtor-in-possession since filing for Chapter 11 protection Feb. 2, 1998.
The company released its financial statement for the second quarter ended July 31, which showed sales declining as a result of the divestiture of 47 stores, Stipp said.
Sales fell 17.1% to $408.1 million for the 13-week quarter and 18% to $814.8 million for the half, while comparable-store sales rose 1.1% in the quarter and 0.1% for the 26-week period. The company said it had a net loss of $16.7 million for the quarter, compared with a loss of $27.7 million in the year-ago second quarter, and a loss of $14.8 million for the half, compared with a loss of $27.8 million a year ago.
Earnings before interest, taxes, depreciation and amortization rose to $13.2 million for the quarter, compared with a loss of $1.7 million a year ago, and rose to $24.2 million for the half from $3.8 million a year ago, which the company said was due to increases in comparable-store sales, improved gross-profit margins and lower store operating expenses.