July 1, 1988 |
Payless Cashways Inc.'s directors on Thursday approved a $909-million offer from senior management to take the building supplies company private in a leveraged buyout. Management will pay $27 a share in cash for the company's 33.66 million outstanding shares, higher than the $26-a-share offer the group unveiled last week.
May 25, 1992 |
Payless Cashways Inc., like other companies struggling with high interest payments, decided to ask Wall Street for help. The building materials retailer thought it would go public, selling stock at $13 to $15 a share, and use the proceeds to retire some of its expensive junk bonds. But after the stock market had a lukewarm response, Payless slashed the price to the $9-$10 range.
July 2, 1986 |
Kansas City is the home of a summer jobs program that has high school students hanging around on street corners--playing jazz. Jobs of Note, now in this third year, is designed to hone the musical skills of inner-city youth, as well as to preserve the city's jazz heritage. About two dozen students are chosen each year by audition to participate in the program, which is underwritten by Payless Cashways Inc.
July 18, 1997 |
Los Angeles-based buyout specialist Leonard Green & Partners will take control of Kmart Corp.'s Builders Square stores and combine them with struggling Hechinger Co. to form the nation's third-largest home-improvement chain, the companies said Thursday. The new chain will have more than $4.5 billion in annual sales and 279 stores in 29 states and the District of Columbia, supplanting Payless Cashways Inc. in the No. 3 slot. The chain will be owned by Leonard Green.
CALIFORNIA | LOCAL
December 21, 1999
* The Right Start in Westlake Village appointed three senior officers for its online subsidiary, Rightstart.com. Raymond P. Springer has been named executive vice president and chief financial officer. Springer was most recently senior vice president and chief financial officer of Payless Cashways Inc., based in Kansas City, Mo. Kendrick F. Royer was appointed senior vice president and general counsel.