August 26, 1999
Cataloger Works to Stem Slumping Sales
Diplomat Direct Marketing Corp. Teaneck, NJ, which changed its name on Tuesday to StyleSite Marketing Inc., reported net sales of $15.4 million for the third quarter ended June 30, down 25.2% from the same period last year, due to significantly fewer catalogs mailed and order cancellations and sellouts during the quarter.
The ailing cataloger mailed 8 million Lew Magram and Brownstone catalogs in the quarter, compared to 14 million mailed during the same period a year ago.
The company is currently pursuing alternatives to raise working capital to stem its significant cash shortage.