Word: bonwit
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...Hoving was born into glitter himself. His father was Walter Hoving, who first headed the swank department store Bonwit Teller and then the luxury retailer Tiffany & Co. The younger Hoving grew up in Manhattan and attended a series of private schools. Then it was on to Princeton, where he got his bachelor's degree, a master's and then a doctorate in art history. In 1958 he went to work for the Met, eventually becoming chief curator of medieval...
...similar transactions, worth more than $81 billion. But then the pace slowed a bit. In the past three months only 714 deals took place, involving more than $21 billion. Now, however, the merger game definitely seems to be heating up again. Allied Stores, owner of Brooks Brothers and Bonwit Teller, last week announced a $3.56 billion merger with the Edward DeBartolo Corp., the largest U.S. developer of shopping malls. The aim of the Allied marriage: to avoid a $3.5 billion offer from a Canadian developer, Campeau, which promptly sued to block the Allied-DeBartolo union...
...once seemed impossible, but another giant has been toppled. In Syracuse, N.Y., the last survivor of the Bonwit Teller department store chain, whose flagship store once graced Fifth Avenue, officially went out of business Monday. It was more of a whimper than a thud. The chain's legendary Manhattan store, which had vaulted ceilings and was the first U.S. retailer to sell European clothing, closed its doors more than a decade a go - its site is now occupied by the gaudy Trump Tower and a Nike emporium - and the final store of the chain hadn't turned a profit...
...Such is retail in modern America: first B. Altman, then Gimbels and now the legendary Bonwit's. Despite a slight uptick in business caused by the current economic boom, the one-stop-shop department store has seen its business stolen by two phenomenons: the discount store (Wal-Mart, et al.) and "category killers" (Bed Bath and Beyond, Home Depot). "Bonwit's has the same story of many of the great old department stores," says TIME business editor Bill Saporito. "Once the original family sold it, it fell into financial mismanagement. But at the same time there's just no market...
...thumb of a domineering mother. Like many designers, little Calvin began sewing as a tyke and was impatient with school. After a couple of dead-end apprenticeships, his future dawned with the opening of an elevator door. In 1968 he had a tiny garment-district office when a Bonwit Teller executive on his way to another floor glimpsed some coats. He ordered his assistant out of the elevator to check them out. Soon the young designer was the star of the store's young line...