Word: bonwit
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...Taylor, formed his own Hoving Corp. to "acquire and operate" stores "with an annual volume of between $150 and $200 million." Many a merchandiser, who regarded Hoving's cold self-confidence as plain conceit, shrugged off this big talk. But last week Hoving, who bought Manhattan's Bonwit Teller two years ago (TIME, June 10, 1946), took another step toward his goal...
Hoving was expanding by shrewd use of his capital-$2.6 million from such bigwig friends as Vincent Astor and CBS's William S. Paley, and a $12 million stock issue. He had paid $10.5 million for Bonwit Teller, Inc., then sold the store's buildings to the Equitable Life Assurance Society for $6.3 million and rented them back for $320,000 a year. He put some of that money into a new $2.2 million Chicago branch which he sold to Prudential Insurance Co. of America, and leased back. Another $800,000 was spent transforming Boston's historic...
...Come-on. Sagging fur sales caused Manhattan's Bonwit Teller store to try a new selling come-on. In full-page newspaper ads, it promised refunds to match any congressional reduction in the 20% fur tax before...
With no more fuss than buying a pencil, a new nationwide department store chain was started last week. Merchandiser Walter Hoving (rhymes with roving), who had resigned his $135,000-a-year job as president of Lord & Taylor five months ago, made a deal to buy Manhattan's Bonwit Teller, Inc. ("High Class but not High...
With capital furnished by Hoving and his associates, the newly formed Hoving Corp. bought 22% of Bonwit's outstanding stock from Floyd Odium's Atlas Corp. Hoving also got an option on an additional 74%. Before long he expects to take over control of Bonwit. Then he plans to open branches under the Bonwit name in other U.S. cities...