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Article: Royal Appliance Comments on Financial Impact of Kmart Bankruptcy Filing.

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PR Newswire
Article date:
January 22, 2002
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CLEVELAND -- Royal Appliance Mfg. Co. , maker of Dirt Devil(R) floor care products and the TeleZapper(TM), announced that it expects fourth quarter net sales and earnings to be at or above last year including charges related to the Kmart receivables. The Company will be reporting fourth quarter and full year results on February 12, 2002.

"We believe we have adequately reserved for any uncollectable amounts relating to our Kmart receivables," commented Mike Merriman, President and CEO, Royal Appliance Mfg. Co. "We expect that our first quarter results may be negatively impacted due to uncertainty surrounding Kmart and a softer retail climate in general. Kmart is ...

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