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Ultimate’s Holiday Sales Sink

1/11/2005 12:24:00 PM Eastern

Thornton, Colo. — Sales continued to fall for Ultimate Electronics during the critical holiday selling season.

The struggling A/V chain said that total sales fell 8 percent in November to $69.2 million, and 18 percent in December to $85.7 million.

Same-store store sales slid 6 percent in November and 18 percent in December.

In a statement, the company reported that January results “continue to show an increasingly negative trend” as a result of strained inventory levels stemming from its “serious liquidity problems.”

In a preliminary 10Q filed last month, Ultimate said that it is holding discussions with “numerous parties” as it weighs such options as renegotiating leases, closing stores, entering into strategic alliances or business combinations, selling off assets, or declaring bankruptcy.

Separately, Kmart reported that its same-store sales fell 4.6 percent during November and December, compared to a year-ago decline of 13.5 percent.

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