Sport
Chalet is not planning to open any stores in its fiscal year ended March 2011,
according to its just-released annual report. It also didnt We did not open any new stores in fiscal 2010 or fiscal 2011.
Between fiscal 2007 and fiscal 2009, Sport Chalet opened 15 stores, relocated one existing store and re-launched its website. It had 55 locations as of April 3.
In the filing with the Securities & Exchange Commission, Sport Chalet noted that in refining its store strategy, it identified underperforming trade areas within markets where it has stores. It has also established new store performance criteria and intend to replace underperforming trade area stores.
In addition, recent lease negotiations have provided increased flexibility in its efforts to replace underperiforming stores, and it intends to close stores that do not meet specific financial criteria as their leases terminate.
The filing notes that of the 55 stores, 11 leases expire in less than a year, 12 in two to three years, 14 in four to five years, and 18 expire in more than five years.
