Too Shares Jump on New Business Plan

Clothing retailer Too ( TOO) said Wednesday that it will cease the rollout of its "mishmash" retail concept for teen girls, and instead will focus on lower-priced sportswear and accessories for girls aged 7 to 14.

The mishmash stores had sold personal-care products, sportswear, intimate apparel, shoes and accessories.

"While we have been encouraged by the trend in business at mishmash, we do not believe it can reach the level of success and related financial objectives as quickly as originally planned, given the high level of competition from specialty retailers and other merchants targeting teen girls," said Chief Executive Mike Rayden.

Shares of the company were halted at midmorning at $17.74, but resumed trading shortly thereafter. In afternoon trading, the shares were up 2.5% at $17.88.

Sections of 18 existing mishmash stores will convert to new "'tween" stores. About 20 new stores will be opened in 2004, beginning in February, the company said.

Too also said it is discontinuing its joint venture with Angus and Coote of Sydney, Australia, to open additional Goldmark jewelry stores in the U.S.

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