Word: campeau
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Dates: during 1980-1989
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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...
...corporate raiders who amassed fabulous fortunes in the 1980s, that sad song has begun to seem painfully true. Armed chiefly with bravado and borrowed cash, such buccaneers as T. Boone Pickens, Paul Bilzerian and Canada's Robert Campeau once made boardrooms tremble and the stock market dance. No longer. More jeered than feared, many raiders are mired in debt, saddled with bankrupt companies or deprived of their clout. Others who profited from the buyout binge face public obloquy or even years in jail...
...Toronto Tycoon. A former shop foreman who became one of Canada's top real estate developers, Robert Campeau in 1986 went on a U.S. shopping spree. Campeau, 66, paid $3.6 billion for Allied Stores and won Federated Department Stores for $6.6 billion in a celebrated 1988 battle with R.H. Macy & Co. But the takeovers left Campeau, who had little experience in U.S. retailing, sorely overextended. His attempt to raise cash by selling off several chain stores brought disappointing proceeds, and then the women's apparel trade went into a slump...
...rested on some shaky foundations. Chief among them is the relentless pace of corporate takeovers, which enriched everyone on Wall Street, from stockholders to investment bankers. But the buyouts have been fueled by financing from a junk-bond market that was severely weakened last month when Canadian developer Robert Campeau nearly defaulted on $1.27 billion of debt payments on loans that he had used to acquire Allied Stores and Federated Department Stores. In the wake of Campeau's problems, the money for new takeovers has begun...
...other foreign investors are in trouble largely because they overreached. Burdened with debt, Canadian mogul Robert Campeau was forced last month to relinquish control of his retailing empire and put the 17-store Bloomingdale's chain up for sale. In August Australian raider George Herscu put his U.S. retailing subsidiary into bankruptcy after becoming overwhelmed by its $1.2 billion takeover debt. Herscu may well have to sell Bonwit Teller (stores: 16) and B. Altman (7), which he acquired...