Word: altmans
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Dates: during 1980-1989
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...decision to leave law is becoming a more common one, especially in urban firms. "Compared with five years ago, there are a significantly greater number of lawyers today who are not practicing law for a living," says Ward Bower, a partner at the legal consulting firm Altman & Weil in Ardmore, Pa. Experts estimate that nearly 40,000 lawyers a year are leaving the profession, almost as many people as are entering law school annually. A Maryland State Bar Association survey last December found that 35% of the lawyers who responded were not sure they wished to continue practicing...
...shoppers streamed through the B. Altman department store in Manhattan last week, many of them looked wistfully at the lush elegance that surrounded them. The Renaissance-style emporium, completed in 1914 and situated across the street from the Empire State Building at 34th Street and Fifth Avenue, boasts crystal chandeliers and parquet floors, lofty ceilings and broad aisles. B. Altman, with its 124-year-old reputation for quality and gentility, is going out of business. Six of Altman's seven stores, situated mostly in New York, Pennsylvania and New Jersey, will be shuttered next month because its current owners were...
Like other department-store chains, B. Altman has been hurt by weak retail sales and tough competition from specialty outlets. Several other chains are for sale by their foreign owners: Canada's Campeau is trying to unload Bloomingdale's, while Britain's B.A.T Industries has put Saks Fifth Avenue and Marshall Field's on the block. However, Altman's problems went deeper, in part because it had acquired a dowdy, passe image. The company might have been turned around by the right owner, but Herscu, saddled with $1.5 billion in debts, had neither the cash nor the vision to pull...
...chain was founded in 1865 by Benjamin Altman, the son of a milliner. In recent decades, the stores were run by the Altman Foundation, which gave $500,000 of the firm's profits to charities each year. Four years ago, the foundation sold Altman's to B.A. Realty Associates for a price estimated at more than $100 million. The investors then sold the chain, without the real estate, to two accountants, Anthony Conti and Philip Semprevivo, who quickly cut costs and revived the store's merchandising by turning over some departments to savvy outside retailers like toy seller F.A.O. Schwarz...
...Although Altman and Cech did not collaborate directly, each benefited from the other's advances. "Like a Ping-Pong match, the ball went from one to the other," according to Bertil Andersson, a member of the Nobel Committee. Cech heard of the award while in Boston accepting another prize. "I am obviously excited about it," he said. "It was something that everyone has been telling me would happen, but I had no way of knowing when." What will the researchers do with their $470,000 prize? "I'll just go back to the lab and do more work," Altman said...