L. A. Gear has lost a lot of its gloss. First, the sneaker company's much-hyped fashion line of Michael Jackson shoes bombed in the U. S. Then, in December, a guard for the Marquette University basketball team stumbled and fell to the floor in a nationally televised college game when his L. A. Gear sneakers fell apart.
Now for some real embarrassment. The onetime Wall Street darling says it will suffer a $4 million-to-$6 million fourth-quarter loss, down from an $11.6 million profit the year earlier. And Chairman Robert Greenberg has dropped his nonstop optimism, saying the company is "cautious in its outlook."