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October 15, 1992 | From Times Staff and Wire Reports
Ames Sues Investment Bank Over Advice: Ames Department Stores Inc. filed a $375-million lawsuit against investment bank Wertheim Schroder & Co. for offering alleged faulty advice in a takeover that eventually forced Ames into bankruptcy. Wertheim was the investment banker for Ames in the $788-million takeover of Zayre Corp. in 1988, which gave the company 392 stores in New England but also saddled it with huge debts.
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BUSINESS
October 15, 1992 | From Times Staff and Wire Reports
Ames Sues Investment Bank Over Advice: Ames Department Stores Inc. filed a $375-million lawsuit against investment bank Wertheim Schroder & Co. for offering alleged faulty advice in a takeover that eventually forced Ames into bankruptcy. Wertheim was the investment banker for Ames in the $788-million takeover of Zayre Corp. in 1988, which gave the company 392 stores in New England but also saddled it with huge debts.
