March 24, 1990 |
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.
March 23, 1990 |
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.
October 24, 1990 |
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.
October 25, 1990 |
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.
June 14, 1990 |
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.