La Polar Hasn’t Had a Profit in 10 Years, Chairman Barros Says

Empresas La Polar SA (LAPOLAR), the department store operator that is trying to avert its second bankruptcy in 12 years, posted losses of about $100 million a year in the past decade, La Polar Chairman Cesar Barros said.

Barros, who became chairman in June, told reporters yesterday that La Polar hadn’t had a profit for 10 years and that the numbers it presented to regulators had been falsified.

His comments were reported today by newspaper Diario Financiero. Paula Mackenzie, a spokeswoman at Extend Comunicaciones, La Polar’s external communications office, said the report was accurate.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net.

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net.

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