July 6, 1987 |
Ratners Group PLC, Britain's biggest jewelry chain, is going for the lucrative U.S. market with its acquisition of Sterling Inc., a leading American retailer, Chairman Gerald Ratner says. "It represents a quantum leap--we're no longer just in a ($2.40-billion) market, we're now competing in a $22-billion market," Ratner said Friday. The group is buying Sterling for a little more than $200 million and has proposed a rights issue to raise about $200 million to fund the acquisition.
January 7, 1992 |
Ailing Ratners Ponders Next Move: Top executives of Ratners Group met as the stock of the jewelry chain sank again on worries that dismal Christmas sales could force layoffs or a major sale of assets. The once highflying company, which owns the Kay Jewelers chain in the United States, has been hit hard by the recessions in Britain and North America. The company is to make its early January report on sales this week, and financial analysts said the results will probably be less than merry.
January 11, 1992 |
Gerald Ratner Steps Down as Head of Jewelry Chain: Ratner was forced to step down as chairman of Ratners, Britain's largest jewelry chain, after disappointing Christmas sales and plunging share prices. Ratner, once described as the man with the Midas touch, saw his cut-rate jewelry empire wither after he made a speech last spring in which he belittled one of his firm's products. Financial analysts said Ratner had overexpanded his jewelry chain, which included the H.
August 8, 1990 |
Britain's largest jewelry chain, Ratners Group PLC, said today that it is holding talks to revise the terms of its offer to bondholders as part of its $328-million takeover bid for the U.S.-based Kay Jewelers Inc. Ratners said it has extended the deadline for its bond offer until midnight today. It declined to say how much of the debt has been tendered so far.
July 2, 1990 |
Ratners Group PLC, Britain's largest jewelry chain, today launched a friendly $328.1-million takeover bid for Kay Jewelers Inc., a U.S. company that operates nearly 500 stores in the United States. The deal will make Ratners the second largest jewelry retailer in the United States after Zales, which is owned by Canada's Peoples Jewelers Ltd. The addition of Kay's 494 stores will increase the number of Ratners' U.S. outlets to 967, Ratners said.