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Bombay files annual report on Form 10-K

May '07
The Bombay Company Inc reported that it has filed its Form 10-K with the Securities and Exchange Commission. As a result of the Company's recent operating performance and expected loss for Fiscal 2007, the unqualified audit report issued by its independent registered public accounting firm includes an explanatory paragraph indicating that these matters raise substantial doubt about the Company's ability to continue as a going concern. The Company had disclosed the possibility of such an opinion in an April 20 filing with the SEC.

The Company's plans in regard to these matters are described below. In the second quarter of Fiscal 2006, the Company undertook a program to reduce expenses, increase revenue, and improve liquidity. While we have been successful in reducing expenses since undertaking the program, we have had difficulty reversing the declining sales trend, we believe in part because of a very difficult business climate in the furniture and home accessories sector.

Management has identified a series of additional activities that it believes will be critical to achieving the Company's long-term goals of returning to profitability and positive cash flow, by among other things, reducing inventory levels and returning to historical levels of inventory turnover, exiting its dedicated BombayKIDS business and improving the productivity of the square footage previously dedicated to it, closing selected underperforming stores, enhancing its merchandise assortment, allocation and presentation and other initiatives, some of which would require capital over the next three to five years.

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