Word: garfinckels
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Dates: during 1980-1989
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Such stomach-churning changes are commonplace to Boesky. Says one envious competitor: "For Ivan to lose $30 million is like someone else losing a few hundred thousand dollars." Last year, for instance, he made about $3 million when Allied Stores Corp. acquired the Garfinckel, Brooks Brothers, Miller & Rhoads Inc. department stores, only to drop an estimated $12 million on Delhi International Oil Corp. one month later...
...part of the record-breaking flurry of matchmaking that swept through U.S. business this year. American companies spent an estimated $80 billion to acquire some 2,200 other firms. The mergers linked familiar names in virtually every industry: Nabisco and Standard Brands MGM and United Artists, Allied Store and Garfinckel, Brooks Brothers...
Early on, crowds of shoppers were thin, so many stores launched sales or devised promotional gimmicks. The May Co. in Cleveland offered its credit customers $1,000 gift certificates for $900. At a tony branch of Garfinckel's in Washington, D.C., shoppers were culled off the street by a dinner-jacketed pianist stationed at the main entrance who played Cole Porter songs on a baby grand. Late in the month, however, sales picked up smartly almost everywhere. Several stores-Rich's in Atlanta, Hudson's in Detroit, Bloomingdale's in Manhattan-toted up record...