Word: retailer
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Dates: during 1990-1999
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...deadline for paying suppliers who shipped the 257 U.S. stores everything from tank tops to tiaras. This week the firm hopes to persuade Citibank and other major lenders to roll over $2.3 billion of loans. But even if the creditors agree, the Canadian company must put its U.S. retail operations on a sound financial footing by taking drastic steps to trim costs and sell properties. Observes Wilbur Ross, senior managing director of the Wall Street firm Rothschild Inc. and an adviser to Federated bondholders: "The Campeau people have to get all the pieces together at once to solve this problem...
Many suppliers blame the 1980s buyout binge for the Campeau debacle. In the process of arranging enormous loans for overreaching raiders, the lenders and investment bankers paid little or no attention to whether the buyouts could survive over the long haul. The toll has been particularly heavy among retailing companies. In a study of 25 retail buyouts between 1983 and 1985, the Ernst & Young accounting firm found that nearly 40% had gone bankrupt or slashed their operations. For big-eyed shoppers like Campeau, the buyouts might have looked tempting, but they were hardly bargains...
Petroleum and heating-oil traders were equally bullish. The price of home heating oil for January delivery rose to a 3-year high of more than $1 per gal. in the futures market. Retail prices are soaring. In parts of the . Northeast, consumers are paying as much as $1.40 for a gallon of home heating oil, up more than 40 cents in three weeks...