Word: bonwit
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Dates: during 1980-1989
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...Altman and Bonwit Teller are not the sort of stores that stiff their suppliers. But since the spring, several fashion houses have withheld shipments to the swank Manhattan department stores because of late payments. The stores have been caught in the enormous debt problems of their current owner, Australia's Hooker Corp., which is controlled by investor George Herscu. Last week Hooker's U.S. holding company sought protection from its creditors under Chapter 11 bankruptcy...
...trouble last year. Hooker, Australia's second largest home builder, has been hit by rising interest rates and sagging home sales in Australia, as well as lukewarm retail sales in the U.S. Herscu is now trying to sell off $750 million in assets, from Manhattan to Melbourne. Altman and Bonwit, meanwhile, are hoping to satisfy their creditors in time to sell some fall fashions...
Spurred by the weak dollar, foreign companies have become some of the most aggressive acquisitors. After Campeau took over Allied in 1986, he spun off some of its divisions to other foreign firms. Australia's Hooker Corp. bought Bonwit Teller from Allied, and Britain's Marks & Spencer agreed to buy Brooks Brothers...
Faced with those figures, some of the world's flossiest manufacturers are reaching out to the bigger customers with cashmere and silks, gabardines and fine cottons. Last year Designer Albert Nipon sold $5 million worth of his new Dimensions line, for sizes 12 to 24, to such stores as Bonwit Teller, Dillard's and Marshall Field's. Givenchy anticipates wholesale sales of $4 million this season for its pricey Givenchy en Plus line in sizes...
...sale: five huge American shopping centers, from New Jersey to Washington State, and 691 stores spread all over the country, including the famed Brooks Brothers and Bonwit Teller chains. No retailing experience necessary. Foreigners welcome...