Word: ands
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Dates: during 1980-1989
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As 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...
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...
The 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...
Herscu entered the picture in 1987. The Rumanian-born survivor of a Nazi labor camp, Herscu immigrated to Australia, made a fortune as a homebuilder and became famous for his flashy style. (His mansion is designed to look like Tara in Gone With the Wind.) He decided that U.S. retailing...
By the beginning of this year, though, Herscu found himself in serious trouble. Hit by rising interest rates in Australia and declining retail sales in the U.S., the 61-year-old empire builder did not have enough cash to weather the slowdown. By August, Hooker's U.S. subsidiary filed for...