Word: tisch
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Dates: during 1990-1999
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...City retailer found itself deep in debt, mired in an industry-wide slump and unable to pay its bills. The day of reckoning arrived last week when Macy's was forced to file for bankruptcy after one of its major creditors rejected a proposed buyout by CBS chairman Lawrence Tisch...
...defections by suppliers and disappointing holiday sales, the New York City retailer dubbed the world's largest store is on the verge of bankruptcy. Last week, only hours before a deadline to pay some of its creditors, Macy's almost found a savior in the person of billionaire Laurence Tisch, chairman of CBS and a member of the retailer's board. Through his family-controlled Loews Corp., Tisch offered to purchase the store chain and inject as much as $1 billion in new capital, buying out stockholders and bond owners at prices below the face value of their investments...
...deal would have restructured Macy's finances and restored the confidence of suppliers. But it fell through after hitting a last-minute snag with creditors, who would have been forced to make significant concessions. While analysts think that Tisch's deal could be revived by a sweetened offer, other bidders could also emerge. The most likely is Hong Kong financier Sir Run Run Shaw, who owns about 10% of Macy's. Meanwhile, the company continues to hang by a slender thread...
...which took over NBC in 1986, treated the network as another GE unit to be whipped into shape. (Why, Welch wondered, was there so much agonizing over layoffs at NBC when hundreds of people were getting axed at GE's turbines division? "You think they're happy?" he snapped.) Tisch, the Loews chairman who had never fired an employee before taking over CBS in 1986, is portrayed as a Wall Street trader with no strategic vision and few management skills. Tom Murphy, who engineered Capital Cities Communications' 1985 acquisition of ABC, is the hero of this tale by default. Though...
...piece about the alleged decline of editing standards in book publishing. To be sure, Auletta's 600-plus-page account could use trimming. But his writing is never less than serviceable, and usually quite lucid. A bigger problem lies in the subject itself. Each of the episodes Auletta recounts -- Tisch's fight to gain control of the CBS board, ABC News president Roone Arledge's battle to keep 20/20 on Thursdays at 10 p.m. -- was once a hot topic in media circles. Today they seem more like questions for a 1980s edition of Trivial Pursuit. In his zest for detail...