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Pacific Enterprises

BUSINESS
October 27, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
Ending an ill-fated diversification into retailing and energy exploration, Pacific Enterprises Corp., parent of Southern California Gas Co., confirmed Monday that it will cut its 300-person corporate staff by 90%. The troubled company had mentioned possible cuts in its headquarters staff in February, when it announced that it would sell off all non-utility operations. But the extent of the job cuts wasn't disclosed until Chief Executive Willis B.
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BUSINESS
October 14, 1992 | TOM PETRUNO
Shareholders of giant Pacific Enterprises Corp. may have reason to believe that their long nightmare is almost over. The dividend should return on this stock sooner than later, some analysts believe--though the yield won't be much at first. Los Angeles-based Pacific, parent of Southern California Gas, said Monday that it agreed to sell its oil and natural gas properties to Hunt Oil of Dallas for $371 million. That sale follows Pacific's jettisoning of its sickly retailing division, Thrifty Corp.
BUSINESS
October 13, 1992 | From Reuters
Pacific Enterprises Corp. on Monday announced the $371-million sale of its domestic oil and gas assets to Hunt Oil Co., saying the deal will allow it to concentrate on its core utility business. The Los Angeles company, which is in the process of being broken up after a number of acquisitions during the 1980s, said the sale includes energy reserves on nearly 1.4 million acres of land in the Rocky Mountains, the Midwest and Gulf Coast states.
BUSINESS
September 12, 1992
The Thrifty drugstore chain says it will close a warehouse here and lay off as many as 70 workers. Thrifty, which agreed to be bought recently by a group that includes management, said it will combine warehousing and distribution in another warehouse in Ontario early next year. The 400,000-square-foot warehouse on East Cerritos Avenue in Anaheim will be sold. An additional 130 or more employees now working there will be transferred to Ontario, the company said.
BUSINESS
August 5, 1992 | ANDREA MAIER, TIMES STAFF WRITER
Anticipating a lower sale price for its oil and gas exploration and production subsidiary, Pacific Enterprises said Tuesday that it took a huge $156-million after-tax charge for the second quarter. As a result, the company lost $118 million, or $1.63 a share, for the quarter ended June 30. That contrasts with earnings of $40 million, or 50 cents a share, for the comparable 1991 quarter. Revenue was off 6% to $652 million, from $697 million.
BUSINESS
May 23, 1992 | CARLA LAZZARESCHI, TIMES STAFF WRITER
Ending an ill-fated expansion into the cutthroat world of retailing, Pacific Enterprises, best known as the parent of Southern California Gas Co., said Friday that it has found buyers for its money-losing Thrifty Corp. subsidiary. Leonard Green & Partners, a respected Los Angeles investment group, will buy Thrifty Drug, the oldest and largest drugstore chain on the West Coast, Big 5 sporting goods and three smaller retailing chains with operations outside California.
BUSINESS
May 23, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
The buyer of Thrifty Drug Stores and Big 5 has an unusual reputation among takeover specialists--widespread respect. Los Angeles-based Leonard Green & Partners, led by a low-key veteran of the booming 1980s buyout years, Leonard I. Green, will purchase five of six retailing units of Thrifty Corp., the troubled subsidiary of Pacific Enterprises. The choice has been greeted with relief by both Southern California executives and union leaders. "I think it's good in all respects," said Michael E.
BUSINESS
May 16, 1992 | CARLA LAZZARESCHI, TIMES STAFF WRITER
Pacific Enterprises is reportedly very near striking a deal to sell its Thrifty Corp. subsidiary to one of two investment groups that have been negotiating to acquire the money-losing retail operations, which have dragged down their parent company for the last several years. According to sources close to the company, Pacific Enterprises, the parent of the Southern California Gas Co.
BUSINESS
May 8, 1992 | MICHAEL PARRISH, TIMES STAFF WRITER
At a raucous annual stockholders meeting Thursday, Pacific Enterprises President and Chief Executive Willis B. Wood Jr. gave shareholders more bad news--that the company will take a special charge he later estimated to be at least $325 million. Without that charge--equal to at least half the $650-million book value of Thrifty Corp., Pacific Enterprises' ailing retail subsidiary--the parent company's first-quarter earnings would have been about 10 cents a share, Wood said.
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