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Southland Corp

BUSINESS
April 8, 1990 | PAUL RICHTER, TIMES STAFF WRITER
Columbia Savings said it was insolvent. Southland Corp., owner of 7-Eleven stores, said bankruptcy may lie ahead. First Executive took a bruising $836-million loss. The news was heavy from the world of high-yield junk bonds last week, and most of it was bad. Companies with junk in their investment portfolios revealed that new and gaping wounds had been inflicted by the junk market's 9-month-old collapse.
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BUSINESS
April 3, 1990 | From Staff and Wire Reports
Southland Corp., the troubled parent of the 7-Eleven convenience store chain, said Monday that it could be forced to file for bankruptcy this year if it fails to restructure its massive debt. The Dallas-based company also reported a fourth-quarter loss of $1.01 billion after taking a $947-million writeoff that reflected the sale of its 50% interest in Citgo Petroleum Corp. in January.
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
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
February 6, 1990 | STUART SILVERSTEIN, TIMES STAFF WRITER
An arbitrator has found Southland Corp., parent of the 7-Eleven retail chain, guilty of intentional racial discrimination against a black couple who owned two of the company's convenience stores in the Los Angeles area. The arbitrator, however, ruled in the Dallas-based company's favor in a separate racial discrimination case. Jack A.
BUSINESS
November 15, 1989 | From Associated Press
Southland Corp. said Tuesday that it may be unable to make payments due in 1991 on debt it incurred in its $4.9-billion leveraged buyout and is considering a recapitalization or other restructuring. Southland, which was acquired by its founding Thompson family in the 1987 buyout, until now had maintained that it could meet its debt obligations. But the company said previous sales projections at its 7-Eleven convenience stores had not been met.
BUSINESS
November 7, 1989 | From Associated Press
Southland Corp., which owns the 7-Eleven convenience store chain, announced plans Monday to sell its half-interest in Citgo Petroleum Corp. to the Venezuelan state-owned oil company for $675 million. Petroleos de Venezuela already owns the other half of Citgo, which it bought from Southland in 1986 for $290 million. Southland purchased Citgo, based in Tulsa, Okla., in 1983 with stock valued at $254 million.
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