November 13, 1986 |
Bonwit Teller is closing its specialty clothing store in Beverly Hills because it has been losing money despite its glamorous location on Rodeo Drive. Orren Knauer, a spokesman for Allied Stores, the parent of Bonwit Teller, said Wednesday that the company was closing the store because it had been losing money, but he declined to say how much. However, the store is said to have lost $1 million last year on sales in the $10-million range, according to published reports.
April 5, 1990 |
Most of the existing Bonwit Teller specialty retail chain will be closed, including the flagship store in Manhattan, under an agreement announced in bankruptcy court Wednesday. A group of investors, including Donald J. Trump and a shopping mall developer, that won rights to the Bonwit Teller name paid $22 million for five of Bonwit Teller's 16 stores, including the outlet in Manhattan's Trump Tower. The sale was approved by the federal bankruptcy court overseeing the Chapter 11 filing by L. J.
December 11, 1986
The specialty apparel chain, a unit of Allied Stores, will be leaving the California market after the sale of its Palm Desert store to Bullocks Wilshire, effective Jan. 10. "We're closing a successful store because we do not wish to operate a single unit in the Southern California market," said William S. Ruben, Bonwit's president and chief executive, adding that the chain's growth will be concentrated in the Midwest and East.
March 10, 1990 |
Bankrupt L. J. Hooker Corp. said Friday that it has reached an agreement to sell five of its Bonwit Teller specialty retail stores to a subsidiary of Pyramid Cos., a real estate development and investment company. Terms of the agreement with Syracuse, N.Y.-based Pyramid were not disclosed. The sale is subject to approval by the U.S. Bankruptcy Court. L. J. Hooker and all its subsidiaries, including Bonwit Teller, filed for protection under federal bankruptcy law in August.
April 3, 1990 |
A consortium including real estate tycoon Donald J. Trump bid $21.75 million Monday for five Bonwit Teller department stores, including the chain's flagship outlet in Manhattan's glitzy Trump Tower. The retailer's creditors rejected a request by a group that included a former Bonwit chief executive for a two-day extension to secure financing for a planned bid. The creditors said a delay could threaten bids by the Trump group and others.
November 20, 1987 |
The new Australian owners of Bonwit Teller are bringing the upscale specialty clothing store back to Beverly Hills, where a previous regime closed an unprofitable outlet early this year. The new store, expected to open in fall 1989, will be the anchor of a swanky $115-million development with 20 to 30 stores on the last stretch of Rodeo Drive not now occupied by retail development--the parking lot where an American Savings building once stood at Wilshire Boulevard.