Word: trak
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Dates: during 1980-1989
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Flush with cash, Haft raised $250 million more in junk-bond financing for his Dart Group, which owns 262 Trak Auto and 212 Crown Books shops. Within a year, Dart mounted unsuccessful takeover campaigns for the May department stores, the Jack Eckerd drugstore chain and Beatrice. Profits on those raids: $13.2 million. The Hafts' biggest score came in October 1986, when the Safeway company paid Dart $59 million to go away, so that the chain's management could execute a $4.1 billion leveraged buyout of the firm. Dart's total take at the Safeway checkout stand: $137 million. Six months...
...companies may flinch at the sight of Corporate Raider T. Boone Pickens, but in the retailing business the marauders to watch out for are Herbert Haft, 65, and his son Robert, 33, of Washington. As the owners of Dart Group, which runs the Crown Books and Trak Auto chains, the Hafts always seem to be shopping around for a major retailer. In the past two years they have bought large blocks of stock in May Department Stores and two pharmacy chains, Jack Eckerd and Revco. In each case the Hafts' move drove up the price of the stock...
...founding Atari. (The name is a Japanese expression of warning.) Pong revolutionized the arcade business, then dominated by pinball machines. Bushnell, though, ran into a problem frequently suffered in start-up businesses: growth got out of control. The company lost heavily for several months on one popular product, Trak Ten. Explains Bushnell: "We thought we were making money hand over fist, but the machine was selling for $995 and costing $1,100 to build. We were shipping a $100 bill out the door with every unit...