World of Wonder Reports Big Loss
FREMONT, Calif. — Worlds of Wonder Inc., which filed for federal bankruptcy protection in December, said Monday that it lost a record $129.3 million in the final three months of 1987, due largely to slumping sales.
The troubled toy manufacturer also blamed production delays, which made some items unavailable for the Christmas season, and said price-cutting and high advertising costs contributed to the loss.
The $129.3-million after-tax loss on sales of $37.1 million compared with year-ago earnings of $15.2 million on sales of $132.8 million.
The company’s stock, which reached a high of $29 per share in June, 1986, fell 31.5 cents to close at $1.0625 on the over-the-counter market Monday.
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