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

Empresas La Polar SA, 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.

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