Merry

Three months of poor sales hit the bottom line with a thud yesterday at Merry-Go-Round Enterprises Inc., as the Joppa-based apparel chain reported a $24.1 million loss for its latest quarter.Merry-Go-Round, which entered bankruptcy proceedings in January, has reported sharp monthly sales declines since last year.The company blames a lack of merchandise, saying problems with vendors several months ago hurt its ability to buy clothes.For Merry-Go-Round's first quarter, which ended April 30, sales in stores open for at least a year were down 26 percent.

The National Labor Relations Board impounded yesterday the approximately 300 ballots cast in a unionization vote at Merry-Go-Round Enterprises Inc.'s Joppa warehouse, an attorney for the company said.The vote to decide whether workers would be represented by the International Ladies Garment Workers Union was held as scheduled.But because the union asked the board yesterday to cancel the election, the board decided not to count the ballots until it ruled on the merits of the union's request, said attorney Earle K. Shawe.

Merry-Go-Round Enterprises Inc., a leading specialty apparelo chain based in Joppa, announced that its Board of Directors declared a three-for-two common stock split in the form of a 50 percent stock dividend payable on Jan. 4, 1991, to shareholders of record at the close ofbusiness, Dec. 21, 1990.This action was taken in recognition of the company's continuing growth and with hopes of broadening the stockholder base.After the stock spit, the quarterly dividend rate on the company's common stock will be $.02 per share, which represents a 20 percent increase in the dividend rate.

Merry-Go-Round Enterprises Inc. filed a reorganization plan yesterday, taking another step toward emerging from bankruptcy proceedings.The plan presents details of an agreement reached late last year in which unsecured creditors of the Joppa-based retailer would receive a 75 percent ownership stake in the reorganized company and current shareholders would get 25 percent.Unsecured creditors, who are owed about $225 million, would also receive up to $130 million in cash and notes.fTC Under the present timetable, Merry-Go-Round will leave bankruptcy this summer -- but not necessarily by the previous target of June 30, company attorney Roger Frankel said yesterday.

Merry-Go-Round Enterprises Inc., a Joppa clothing-store chain, reported yesterday that its first-quarter earnings dropped 18.5 percent compared with the same quarter a year ago, as a weak economy and back-to-basics fashion trends ate into sales.Budd Bugatch, institutional research director at Ferris, Baker Watts in Baltimore, said Merry-Go-Round's earnings-per-share of 13 cents were "better than what we were looking for," even though they were down from 17 cents last year.The company's sales increased 9 percent, to $171.

Merry-Go-Round Enterprises Inc., the fashion retailing empire of Baltimore folk hero Leonard "Boogie" Weinglass, yesterday sought protection in bankruptcy court after failing to reach an agreement with its lenders.The filing, in the U.S. Bankruptcy Court in Baltimore, seems likely spark a sharp restructuring of the company Mr. Weinglass built, but it also puts the 52-year-old founder back in the top day-to-day role at the company. Mr. Weinglass, who had been semi-retired since 1982 before returning to the company as a consultant last fall, will retake his post as chief executive officer, replacing Michael D. Sullivan, who will remain as president.

Joppa-based Merry-Go-Round Enterprises Inc. reported yesterday that it had record sales and earnings for the fourth quarter and the fiscal year that ended Feb. 2.The stellar performance is part of a continuing pattern at the teen clothing chain of seemingly being immune to the high unemployment and debt levels among consumers and unrest in the Middle East that has hurt many retailers' sales and earnings figures.For the fourth quarter, net sales increased 19.6 percent from a year earlier, to $220.

As expected, Merry-Go-Round Enterprises Inc. turned in more poor sales results last month. Revenue in stores open for at least a year dropped by a substantial 24 percent.Merry-Go-Round's sales have been down sharply since the Joppa-based retailer experienced a cash shortage last year and was temporarily unable to buy clothes.The company sought bankruptcy protection in January and has regained financing to purchase merchandise. But its shelves and racks still aren't full -- and won't be until midsummer, Merry-Go-Round officials have said.

Merry-Go-Round Enterprises Inc. improved its sales results slightly again last month, but analysts said the figures were still very disappointing and didn't indicate a significant turn in the struggling retailer's fortunes.The poor results weren't unexpected. As in previous months, July sales were hurt by a supply drought earlier in the year that caused the amount of spring and summer merchandise in Merry-Go-Round's stores to be far less than normal.Sales will be watched much more closely for August and beyond, because Merry-Go-Round has said it has re-established supply lines and expects inventories to move closer to normal levels for the back-to-school and fall seasons.