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BRIEFLY

Berkey Photo announced a major restructuring.

April 23, 1985

The firm also said it was significantly strengthening its financial condition. Berkey has acquired B&E Sales, a privately held national marketing, promotion and distributing business headquartered in Detroit, for $22.5 million in cash plus prospective future payments of up to $6 million based on B&E's future earnings. Concurrently, Berkey has signed a letter of intent to sell its photo-finishing operations to Colorcraft, a wholly owned subsidiary of Fuqua Industries, for $35 million in cash plus $5 million in cash for a covenant not to compete. The sale of the photo-finishing business is subject to a definitive agreement and approval by the boards of Berkey and Fuqua and by Berkey shareholders.

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