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The Honolulu Advertiser
Posted on: Thursday, September 3, 2009

BUSINESS BRIEFS
Atlantis Submarines posts $755K loss

Advertiser Staff and News Services

Hawaii news photo - The Honolulu Advertiser

Fewer tourists caused Atlantis Submarines to cancel 20 percent of its second-quarter regular schedule on O'ahu.

Photo by Cy Linder

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Atlantis Submarines (International Holdings) Inc., which operates tour submarines in Hawai'i and other tourist locales, said it had a second-quarter loss of $755,000, or 8 cents a share, in part because of weaker results here.

Atlantis said revenue fell 18 percent from a year earlier because of fewer tourists arriving at island locations and the termination of its St. Thomas submarine operations. Atlantis said revenue from its Hawai'i tour operations fell by 15 percent. The company said it canceled 20 percent of planned sub tours at its O'ahu operations.

The firm also said its TS XIV 64-passenger submarine in Honolulu resumed service in late June after completing repairs caused in an electrical fire in February.

FOREVER 21 JOINS ROYAL HAWAIIAN CENTER

National fashion retailer Forever 21 has agreed to lease the space at Royal Hawaiian Center in Waikiki previously reserved for Hilo Hattie, creating a three-level fashion department store slated to open next year.

The store, at 42,580 square feet, will make Forever 21 the largest tenant at Waikiki's largest shopping center.

It will be the third Hawai'i store for the Los Angeles retailer with more than 450 U.S. stores. The retailer also has stores at Ala Moana Center and Pearlridge Center.

The space for the store was long planned as a flagship site for local retailer Hilo Hattie, but that company's bankruptcy derailed the plan, leaving Royal Hawaiian Center owner Kamehameha Schools looking for a replacement.

Forever 21 said the new store will allow it to introduce more of its brand labels in women's and men's fashion to consumers.