Word: moring
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Dates: during 1980-1989
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The chain was founded in 1865 by Benjamin Altman, the son of a milliner. In recent decades, the stores were run by the Altman Foundation, which gave $500,000 of the firm's profits to charities each year. Four years ago, the foundation sold Altman's to B.A. Realty Associates...
Toward the end, B. Altman was losing more than $4 million a month. Retailing experts estimated that any potential savior would have to spend as much as $100 million to renovate the stores and rebuild basic inventories. Stock had become severely depleted during the past year, in part because manufacturers...
The going-out-of-business sale, which began the day after Thanksgiving, was hailed in full-page newspaper ads promising 20% discounts across the board. On the first day, a crowd of shoppers waited in line for more than an hour before the paneled doors were opened. The crush of...
For the 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...
The raiders' troubles have hit Wall Street like a line of falling dominoes. Defaults by overburdened borrowers have crippled the junk-bond market, which finances many takeover deals. Only $11 billion of junk bonds were issued for mergers and acquisitions in the first nine months of 1989, in contrast to...