Word: hookers
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Dates: during 1980-1989
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...Cruise did time in a dim comedy, Losin' It (1982), about some lads who visit Tijuana to mislay their virginity; he played the sensitive one. From its plot synopsis, Risky Business (1983) promised more of the lame same. An affluent high school senior has an affair with a hooker (Rebecca de Mornay), dunks the family Porsche in Lake Michigan, turns his house into a brothel and still gets into Princeton. Sounds like the Reagan era in miniature. But there was wit in Paul Brickman's script and swank in his camera style. For Cruise, there was more. As soon...
...Jersey, will be shuttered next month because its current owners were unable to attract any suitable bids during its six weeks on the block. Though the chain was long past its glory years, it finally expired at the hands of George Herscu, an overleveraged Australian corporate raider whose L.J. Hooker Corp. bought B. Altman...
...survivor of a Nazi labor camp, Herscu immigrated to Australia, made a fortune as a homebuilder and became famous for his flashy style. (His mansion is designed to look like Tara in Gone With the Wind.) He decided that U.S. retailing was a glamorous and growing business, so his Hooker Corp. bought B. Altman and the Bonwit Teller chain, which has grown to 17 stores, for $150 million...
...beginning of this year, though, Herscu found himself in serious trouble. Hit by rising interest rates in Australia and declining retail sales in the U.S., the 61-year-old empire builder did not have enough cash to weather the slowdown. By August, Hooker's U.S. subsidiary filed for bankruptcy, and Herscu resigned as chief executive...
Replacing Herscu as L.J. Hooker's chief was Sanford Sigoloff, a turnaround king who says he was not surprised to see B. Altman die. "With so many choice properties on the market, like Bloomingdale's and Saks Fifth Avenue, who would want Altman's? I hate to say the store was old, but it was outmoded." KMO Realty Partners, which now owns Altman's real estate, controls the rights to the store's name. KMO will probably try to make some use of it, perhaps selling it to an apparel maker or retailer, but the B. Altman name will probably...