Vera Bradley

The City of Fort Wayne announced its plans to build what Mayor Tom Henry calls a “boutique hotel” downtown.

Vera Bradley Inc.

Vera Bradley’s sales and profits continued to drop last year. The Fort Wayne-based retailer’s earnings were released Tuesday.

Vera Bradley reported net revenue of at about $500 million for fiscal year 2015– a more than two percent decline from the previous year. Store sales were down 20 percent, and shares fell to a record low.

The report comes one day after the company announced plans to close its New Haven factory which employs about 250 people, citing the increasing cost of domestic manufacturing.