June 20, 1991 |
U-Haul Gets Financing: A group of 11 investors provided $102.5 million in financing to the parent company of U-Haul International Inc. as the company struggles to whittle down a huge outstanding debt. "This financing allows us to continue as a healthy, viable company," said E. J. Shoen, president of U-Haul and chairman of the parent company Amerco. Shoen refused to say how much debt would be paid or the total amount of debt outstanding.
March 22, 1989 |
Leonard Shoen, founder of the U-Haul truck-and-trailer-leasing empire, said he realized just how bitter his family's feud had become when he saw his sons taunt, grab and finally punch each other recently at the company's annual meeting. After reflecting on the rancorous meeting, Shoen said, he has abandoned a proposal under which all 12 of his children would serve on the company's board of directors instead of just four of his sons.
December 14, 1993 |
A nasty takeover battle is roiling the self-service storage business. Glendale-based Public Storage Inc. is the industry's leader, with 63 million square feet of rental space spread over 1,067 mini-warehouses in 38 states and Canada. Shurgard Inc., a closely held Seattle company, is No. 2 with 15 million square feet in 220 locations. And U-Haul International Inc. of Phoenix, the big truck-rental firm, is third with 13 million square feet and 667 facilities. But U-Haul, which is controlled by the Shoen family through its Amerco holding company, may quickly close that gap. Two weeks ago U-Haul made a hostile $309-million tender offer for 139 self-service storage centers owned by 17 Shurgard limited partnerships.