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Ito Yokado Co

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BUSINESS
June 15, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
The struggling parent of the 7-Eleven retail chain and the Japanese investors seeking to buy control of the company announced a new bond-swap proposal Thursday in an effort to keep the deal from collapsing. Southland Corp., the nation's biggest convenience-store firm, also disclosed that it will not make interest payments due today on some of its $1.8 billion in junk bonds. Analysts were encouraged by the bond-swap offer.
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BUSINESS
July 17, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
Efforts to sell troubled Southland Corp., parent of the 7-Eleven chain, took a major step forward Monday when the company's key bondholders accepted an improved buyout offer from Japanese investors. The agreement in principle appears to clear the main stumbling block for a deal that would be the biggest Japanese investment ever in U.S. retailing. Analysts say the buyout also would pump new life into Southland, which was brought to the verge of collapse by stepped-up competition and $1.
BUSINESS
October 25, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
Southland Corp., parent of the worldwide network of 7-Eleven convenience stores, sought court protection from creditors Wednesday in the second-biggest retailing bankruptcy case in U.S. history. The Chapter 11 bankruptcy filing, however, is designed to push through Ito-Yokado Co.'s proposal to buy 70% of debt-ridden Southland for $430 million in cash. The bailout deal would be the largest Japanese investment in a U.S. retailer.
BUSINESS
March 24, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
The much admired Japanese retailer Masatoshi Ito delivered a gloomy message to his fast-growing chain's managers back in 1981: prepare for rough weather. For the rest of the decade, his Ito-Yokado Co. sheltered itself from stormy economic conditions by looking inward. Instead of continuing to expand aggressively, it focused on cutting costs and boosting sales at its existing combination food and general merchandise stores and other retail outlets.
NEWS
March 23, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
The financially strapped parent of the 7-Eleven convenience store chain, Southland Corp., announced Thursday that it has agreed to sell 75% of the company to its longtime Japanese partner in a tentative deal roughly valued at more than $750 million. If completed, the acquisition would be the biggest Japanese investment ever in a U.S. retailer.
BUSINESS
October 24, 1990 | MARIA L. La GANGA and STUART SILVERSTEIN, TIMES STAFF WRITERS
The troubled parent of the worldwide 7-Eleven convenience store chain edged toward bankruptcy Tuesday, but bondholders apparently approved a quick reorganization plan that could get the company back on its feet within months. Bondholders apparently endorsed a so-called prepackaged bankruptcy plan Tuesday, Southland Corp. officials said, although no official results were announced. The vote came after months of abortive effort by Southland to persuade bondholders--owners of $1.
BUSINESS
October 25, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
Southland Corp., parent of the worldwide network of 7-Eleven convenience stores, sought court protection from creditors Wednesday in the second-biggest retailing bankruptcy case in U.S. history. The Chapter 11 bankruptcy filing, however, is designed to push through Ito-Yokado Co.'s proposal to buy 70% of debt-ridden Southland for $430 million in cash. The bailout deal would be the largest Japanese investment in a U.S. retailer.
BUSINESS
June 14, 1990 | From Times wire services
Debt-ridden Southland Corp., owner of about 6,900 7-Eleven convenience stores, today announced a sweetened restructuring proposal for its bondholders and said it will miss an interest payment due Friday on its public debt. The revised restructuring, a key condition of the troubled company's agreement to sell a controlling interest to its Japan-based partners, would also reduce the stake held by Southland's founding Thompson family.
BUSINESS
October 24, 1990 | MARIA L. La GANGA and STUART SILVERSTEIN, TIMES STAFF WRITERS
The troubled parent of the worldwide 7-Eleven convenience store chain edged toward bankruptcy Tuesday, but bondholders apparently approved a quick reorganization plan that could get the company back on its feet within months. Bondholders apparently endorsed a so-called prepackaged bankruptcy plan Tuesday, Southland Corp. officials said, although no official results were announced. The vote came after months of abortive effort by Southland to persuade bondholders--owners of $1.
BUSINESS
July 17, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
Efforts to sell troubled Southland Corp., parent of the 7-Eleven chain, took a major step forward Monday when the company's key bondholders accepted an improved buyout offer from Japanese investors. The agreement in principle appears to clear the main stumbling block for a deal that would be the biggest Japanese investment ever in U.S. retailing. Analysts say the buyout also would pump new life into Southland, which was brought to the verge of collapse by stepped-up competition and $1.
BUSINESS
June 15, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
The struggling parent of the 7-Eleven retail chain and the Japanese investors seeking to buy control of the company announced a new bond-swap proposal Thursday in an effort to keep the deal from collapsing. Southland Corp., the nation's biggest convenience-store firm, also disclosed that it will not make interest payments due today on some of its $1.8 billion in junk bonds. Analysts were encouraged by the bond-swap offer.
BUSINESS
March 24, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
The much admired Japanese retailer Masatoshi Ito delivered a gloomy message to his fast-growing chain's managers back in 1981: prepare for rough weather. For the rest of the decade, his Ito-Yokado Co. sheltered itself from stormy economic conditions by looking inward. Instead of continuing to expand aggressively, it focused on cutting costs and boosting sales at its existing combination food and general merchandise stores and other retail outlets.
NEWS
March 23, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
The financially strapped parent of the 7-Eleven convenience store chain, Southland Corp., announced Thursday that it has agreed to sell 75% of the company to its longtime Japanese partner in a tentative deal roughly valued at more than $750 million. If completed, the acquisition would be the biggest Japanese investment ever in a U.S. retailer.
BUSINESS
October 24, 1990 | From Associated Press
Southland Corp. filed early today for protection from its creditors along with a reorganization plan that would clear the way for selling control of the nation's largest convenience store operator to a Japanese group. The parent of the 7-Eleven convenience store chain said its bondholders and preferred stockholders have approved the so-called prepackaged reorganization plan, which is being submitted for confirmation by the federal bankruptcy court.
BUSINESS
March 6, 1991 | From Times Wire Services
Southland Corp., parent of the 7-Eleven convenience store chain, emerged from Chapter 11 bankruptcy Tuesday after two Japanese companies formally pumped $430 million in cash into the retailer by buying 70% of its stock. Southland's Chapter 11 reorganization plan, approved by a bankruptcy judge Feb. 21, proposed the $430-million purchase of Southland by Ito Yokado Co. and Seven-Eleven Japan Co.
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