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Australian Firm Buys B. Altman

October 06, 1987|From Reuters

SYDNEY, Australia — Australia's biggest real estate company, Hooker Corporation Ltd., said today it bought a controlling 58% stake in New York's elegant B. Altman and Co. chain of department stores for an undisclosed price.

The acquisition brings the number of American retailers controlled by the fast-growing Sydney-based group to four. Earlier this year, Hooker acquired Bonwit Teller, another chain of stores based in New York, and it has agreed to buy Birmingham, Ala.-based Parisian Inc. Last year it purchased 80% of the California-based Merksamer Jewellers chain.

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