Word: sigoloffs
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Dates: during 1980-1989
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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...
That prospect is disappointing to Altman's devotees. "I'll be very sorry to see it go," said G.V. Biden, a customer since 1951. As shoppers last week scouted for bargains among Ralph Lauren shirts and Anne Klein coats, some decided to hold out for even steeper discounts. Sigoloff concedes that in the next few weeks "you'll see some serious price cutting as we try to move the older B. Altman inventory." GOING OUT OF BUSINESS, blared the bright red signs scattered throughout the old emporium. CLOSING OUR DOORS FOREVER...
...Boesky case had an instant sobering effect on the takeover game. As the thunder of the insider-trading disclosures rose in volume, a number of big plays suddenly came to a halt. Wickes, a Santa Monica, Calif., retailing and manufacturing conglomerate headed by Sanford Sigoloff, 56, announced that it might not be able to carry out the estimated $1.7 billion acquisition of California's Lear Siegler, the aerospace and automotive-products concern. Sigoloff's bankers, spooked by the Boesky scandal, apparently balked at financing the deal...
Make a bid, get rejected, collect millions. The strategy can work wonders. Less than two years ago, Santa Monica, Calif.-based Wickes Cos., a home- improvement and consumer-products firm, emerged from Chapter 11 bankruptcy protection and launched a series of takeover bids. Last week Chairman Sanford Sigoloff announced Wickes' latest coup: a $30 million profit on the sale of stock and options it accumulated in a $2.2 billion takeover try for Toledo- based Owens-Corning Fiberglas...
...April, Wickes picked up $3 million when it was rebuffed by Dallas-based National Gypsum. Wickes also wins by winning. The company has successfully acquired three small firms this year, including the Homecrafters Warehouse chain. Says Sigoloff, who now has $1.5 billion in spending money: "You'll be hearing from us again...