April 2, 1991 |
Fabricland Inc. accepted a sweetened $55-million takeover offer from its larger rival, House of Fabrics Inc., the companies announced Monday. The agreement came after Sherman Oaks-based House of Fabrics raised its bid from a cash offer of $13.50 a share, or $43 million, to a stock swap in which Fabricland shareholders are to receive $17.25 worth of House of Fabrics stock for each of their existing shares.
September 3, 1991 |
House of Fabrics, the conversion of its stores from mall outlets to larger fabric "superstores" in full swing, said its fiscal second-quarter earnings more than doubled from a year earlier on a 12% increase in sales. The surge in profit--to $1.55 million from $703,000 a year earlier--reflects the fabric retailer's ongoing phase-out of smaller shopping-center stores and the opening of more superstores, primarily in strip malls near regional shopping centers.
March 26, 1991
House of Fabrics Inc. declared a 2-for-1 stock split in the form of a 100% stock dividend to be paid April 30 to stockholders of record April 9. The Sherman Oaks-based company, which operates the nation's largest retail chain providing fabrics and sewing notions, currently has 5.73 million common shares outstanding. House of Fabrics also is currently pursuing a hostile takeover of Fabricland Inc., a smaller fabrics retailer based in Portland, Ore. House of Fabrics has offered $13.
June 18, 1991
House of Fabrics Inc., which was scheduled to hold its annual shareholders meeting today, postponed the meeting to July 16. At the meeting, House of Fabrics shareholders of record June 6 will be asked to vote on House of Fabrics' previously announced purchase of Fabricland Inc. in exchange for House of Fabrics stock valued at about $55 million. Both House of Fabrics, based in Sherman Oaks, and Fabricland, a Portland, Ore.-based concern, operate chains of retail fabric stores.