April 2, 1986
Wickes Cos. of Santa Monica has filed notice with the Securities and Exchange Commission to sell at least $600 million in notes. Those funds, along with about $300 million from its planned divestitures, will be used to finance a major acquisition, the company said. No talks with takeover targets are under way, said Wickes spokeswoman Ann Julsen. She declined say in what areas Wickes is seeking an acquisition.
May 15, 1987
The Santa Monica-based manufacturing and retailing conglomerate sold its Eagle Signal Controls unit to Mark IV Industries of Amherst, N.Y. Eagle Signal is based in Austin, Tex., and has operations in Baraboo, Wis., and Davenport, Iowa. It makes several types of industrial controls, including electromagnetic and solid-state devices and microprocessor-based systems for industrial and traffic controls. Last year, it had sales of about $37 million.
December 18, 1985
Wickes PLC, a London-based division that sells timber, building materials and home improvement products in England, Holland and Belgium, plans to sell about 15% of the company on Britain's equivalent of the over-the-counter market early next year. Bill Mallory, executive vice president and chief financial officer of Santa Monica-based Wickes, the British company's parent, said the offering was considered to be "the most economical way to raise capital" in the local currency.
January 22, 1986 |
Wickes Cos. said Tuesday that it has agreed to sell two Midwestern retail chains and an insurance unit for about $100 million and also announced a reorganization of its consumer and industrial products group acquired last year from Gulf & Western Industries. The sale is not expected to have a material affect on the Santa Monica-based company's profitability, Wickes said.
August 26, 1987 |
After a four-month investigation, Wickes Cos. said Tuesday that it has set aside a $20-million pretax reserve--far less than analysts had anticipated--to cover costs arising from the sale of substandard carpeting by a Georgia subsidiary. The reserve, which totals $11.2 million after taxes, contributed to a sharp earnings decline for the diversified Santa Monica-based manufacturer and retailer. Net income for the quarter ended Aug. 1 was $18.9 million, down 30% from $26.
September 9, 1988 |
Drexel Burnham Lambert Inc.'s dealings in the stock of one of its big clients--Wickes Cos. of Santa Monica--figure prominently in the sweeping insider trading lawsuit filed Wednesday against Drexel by the Securities and Exchange Commission. The suit, the most massive securities fraud case ever brought by the SEC, involves many prominent Drexel clients.