Highland Superstores Inc. announced that it is considering selling all or part of the company in the wake of massive and repeated losses, including nearly $5 million in the third quarter.
Highland, which has three Buffalo-area locations, lost $4.83 million in the third quarter and $13.55 million for the nine months ended Oct. 31.
The quarterly loss equaled 26 cents a share on sales volume of $193.1 million; for the nine-month period, the loss came to 74 cents a share on sales of $574.9 million.
Fourth-quarter sales continue to be weak and the company does not anticipate "significant improvement in the foreseeable future," a company statement said.
The Plymouth, Mich.-based consumer electronics and appliance chain retained investment banker Lehman Brothers to help weigh the possibilities of a merger or the sale of all or part of the company.
Highland Vice President Danette Wineberg would not discuss whether the Buffalo stores eventually could be sold.