Word: chaine
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...computer firm in Cedar Rapids, Iowa. Trouble is, it's the same pay he was earning 13 years ago. Over those years, Mitchell, 49, and his wife and three children had to make adjustments: sending her to work at an oatmeal factory, eating "a little lower on the food chain," turning the thermostat down to 55 degrees and "walking around the house like Indians in blankets." That might have been acceptable, the Mitchells say, if everyone were in the same boat. Instead--like three-fourths of Americans--their hourly pay has remained frozen even as executive salaries, corporate profits...
...been smooth sailing. Many deals have been duds. Dellwood Foods, a troubled New York dairy acquired in 1985, languishes unsold in Investcorp's portfolio. Also unsold is Chaumet, a world-famous French jeweler, which has racked up millions of dollars in losses. Other flops include the Carvel ice-cream chain and New York Department Stores of Puerto Rico, disposed of last year at a substantial loss. A huge disappointment has been Color Tile, America's largest chain of floor-covering stores. The company lost $46.3 million last year and was close to bankruptcy until Investcorp and other investors pumped...
Investcorp's biggest deal ever was the 1990 takeover of Saks Fifth Avenue. When Investcorp bought the prestigious chain, it was evidently hoping to repeat its triumph with Tiffany. Investcorp certainly promoted Saks to its clients that way. A 1990 private-placement memo to Arab clients obtained by TIME contains an extremely bullish forecast on the first page: Saks was expected to produce an investment return of 25.9% a year, and was likely to be sold within four years. One reason Investcorp failed to repeat its Tiffany coup with Saks is that the $1.6 billion purchase price was $200 million...
Moreover, if you believe the plaintiffs in two civil suits against Investcorp, the company doesn't always play straight. When Investcorp took over the Circle K convenience-store chain in 1993, it did so through a vehicle called CK Acquisitions. That shell company has now been sued by rival bidders for allegedly making false statements to a bankruptcy-court judge who had to approve the bid. The complaint alleges that CK Acquisitions failed to disclose that Circle K management would own stock in the retailer after the takeover. (That was an important point because it could help explain why management...
SUED. STEPHEN MEYERS, half of Jacoby & Meyers, the chain legal partnership that peddles litigation like cubic zirconia; by LEONARD JACOBY, the other half; for breach of partnership, fraud and emotional distress; in Los Angeles. Jacoby wants $2 million from his partner of 23 years...