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Broadway Stores Inc

BUSINESS
August 15, 1995 | TOM PETRUNO, TIMES STAFF WRITER
Broadway Stores Inc. investors, whose shares were worth $2.875 each at Monday's close, will end up with substantially more than that if the Federated Department Stores Inc. bid goes through. But many buyers of Broadway stock in recent years will still take a loss on the deal, at least initially. Broadway holders would swap each of their shares for 0.27 Federated shares. Based on Federated's closing stock price of $29.50 on Monday on the New York Stock Exchange, that means the deal is worth $7.
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BUSINESS
August 15, 1995 | JAMES F. PELTZ, TIMES STAFF WRITER
Allen I. Questrom, who made his mark as a top retailing executive a decade ago while running the Los Angeles-based Bullock's chain, is making another bold impression in California: He's thinning out his competition. Questrom is now chairman and chief executive of Federated Department Stores Inc., the giant department store holding company headquartered in Cincinnati that agreed Monday to buy ailing Broadway Stores Inc., an 83-store chain based in Los Angeles.
NEWS
August 15, 1995 | GEORGE WHITE and STUART SILVERSTEIN, TIMES STAFF WRITERS
In a deal that would erase the venerable Broadway name from the Southern California retail landscape and likely trigger store closures and layoffs, long-struggling Broadway Stores Inc. agreed Monday to be acquired by Federated Department Stores. If the merger is approved by regulators, Cincinnati-based Federated said it hopes to sell some stores and will convert the remaining Broadway Stores sites--which include The Broadway, Emporium and Weinstocks--into Bullock's, Macy's and Bloomingdale's.
BUSINESS
August 15, 1995 | KELLY DAVID
1896: Arthur Letts opens the Broadway Department Store, a 4,000-square-foot shop at 4th Street and Broadway in Los Angeles. 1950: The company becomes Broadway-Hale Stores with the purchase of Hale Bros. Stores of Northern California. 1969: Broadway-Hale acquires Neiman-Marcus and Waldenbooks and merges with Emporium Capwell Co. of San Francisco. 1972: Philip M. Hawley is named president. The company purchases Bergdorf Goodman of New York. 1974: The company is renamed Carter Hawley Hale Stores.
BUSINESS
August 15, 1995 | JESUS SANCHEZ and PATRICK LEE, TIMES STAFF WRITERS
A merger of Broadway Stores Inc. and Federated Department Stores Inc. could dramatically shake up the California retailing scene, resulting in substantial layoffs, the closure of small apparel makers and higher prices for shoppers, retailing experts and economists said Monday.
BUSINESS
August 9, 1995 | James Flanigan
The renewed troubles at Broadway Stores are distressing to all who work for the company and depend on its business, but they are not a sign that Southern California is slipping back into recession. Rather, the 83-store chain, with 41 stores in Southern California, is in difficulty because business is picking up and competition is raging as lustily as ever in the nation's most competitive retail market. Broadway has been fighting on, despite significant handicaps.
BUSINESS
August 8, 1995 | GEORGE WHITE, TIMES STAFF WRITER
Some vendors have put merchandise deliveries to Broadway Stores Inc. on hold and a major credit-rating agency on Monday downgraded the company's bonds as pressure mounted on the Los Angeles-based retailer to find a buyer for 11 out-of-state stores. Shares of Broadway Stores lost nearly half their value Monday following reports that manufacturers and financiers have cut off credit. The stock closed at $1.625, down $1.375 in trading on the New York Stock Exchange.
CALIFORNIA | LOCAL
June 8, 1995 | LARRY GORDON, TIMES STAFF WRITER
The much-delayed plan to rehabilitate decaying Downtown buildings as offices for state workers gained momentum Wednesday as officials announced an agreement to buy the long-vacant Broadway department store complex at Broadway and 4th Street. Now scarred with graffiti and invaded by squatters, the eight-story structure will have desk space for about 1,700 government employees when an overhaul is completed by 1999.
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