Word: sigoloffs
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Dates: during 1980-1989
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Wickes. It was plainly a job for Ming the Merciless, a.k.a. Sanford Sigoloff, 53. He earned his Flash Gordon nickname the hard way: turning around ailing companies by ruthlessly cutting, cutting, cutting...
Among those he has saved: Republic, the Los Angeles manufacturing and service company and Daylin, the West Coast retail chain, which he led into bankruptcy and then out again. In Wickes, a diversified seller of almost everything from furniture to apparel to gifts, Sigoloff confronted another bona fide disaster, and his largest rescue mission ever. It had little merchandise, not enough employees to sell what there was, hardly any credit and no cash...
...Sigoloff s first move after taking over Wickes in 1982 was to file bankruptcy papers and thus protect the firm's modest assets. To Sigoloff, there seemed to be no other choice: in the 15 previous months, Wickes had lost more than $400 million...
...load to nearly $2 billion. After both the housing and the retailing businesses unexpectedly went into a simultaneous slump last year, Wickes ran up huge losses that could exceed $80 million. Chairman E.L. McNeely last month resigned under pressure from the company's lenders. A new boss, Sanford Sigoloff, who specializes in reviving ailing firms, was brought in to sell off assets and pay back some of the loans...