Word: hawley
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Dates: during 1970-1979
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...forefront of the merchandising blitz are such chains as Waldenbooks, the nation's largest book retailer, owned by Carter Hawley Hale Stores. Begun in 1962, the Walden chain now has 498 shops dotted around the country, mostly in suburban shopping malls. In recent years it has been opening a store a week. B. Dalton, a subsidiary of Dayton Hudson Corp., the department store conglomerate, is the second largest bookseller. Dalton too has been growing at a feverish rate in recent years and has 339 stores in 40 states. Other chains include Doubleday stores, an affiliate of the publishing house...
This year's wave of corporate takeovers already has swept up companies dealing in copper, oil, paper, beer, aspirin and dozens of other products. Last week the tide spread to retailing and starch. Los Angeles-headquartered Carter Hawley Hale, the sixth largest U.S. department store chain, proposed buying Chicago's venerable Marshall Field & Co. for an estimated $325.8 million - over Field's resistance. And Unilever United States Inc., a subsidiary of the giant Anglo-Dutch food and household products maker, bid $482 million for National Starch & Chemical Corp. of New Jersey, a maker of food products, plastics...
...Carter Hawley sees Marshall Field as a worthy addition to its list of platinum-plated logos, which includes Dallas' Neiman-Marcus and New York's Bergdorf Goodman. C.H.H. also would gain geographically: Field stores cover the Midwest while Carter Hawley's sales come mainly from the Sunbelt. Field's earnings have been depressed in recent years by vigorous and not entirely successful expansion. Yet the company has a good chance of turning the corner under the management of President Angelo Arena, ironically an alumnus of Neiman-Marcus, which he headed until this fall...
Arena does not like the idea of his former employer muscling in. Says he: "I told Carter Hawley their timing was inappropriate, but they kept pushing." The day the C.H.H. bid was announced, Field filed a suit charging that the merger would violate antitrust law, a standard move in takeover battles. Carter Hawley seems determined to persist, to the point of upping its bid if necessary. Analysts see no way Field can ward off an eventual merger -if not with C.H.H., then with any one of several other big department store companies...
...Hugh still has his backers, including Carter Hawley Hale Stores, Inc., which invested $68 million in the House of Fraser two years ago in exchange for a 20% interest; the company also owns Neiman-Marcus in Dallas and Bergdorf Goodman of New York. From his Los Angeles office last week, Chairman Edward W. Carter said he felt "very sorry" about Fraser's personal problems but believed they had not harmed the business. Said he: "Fraser runs the company, and he does it well...