April 13, 1989
Wickes to Sell Subsidiary: Wickes Cos. has agreed to sell Orchard Supply Hardware to a management group for $134 million in the latest of a series of asset sales by Wickes' new owners. Sale of the San Jose-based hardware chain wasn't expected to affect employees at its 31 stores in Northern and Central California, Santa Monica-based Wickes said in announcing the deal. The buyer group is headed by Maynard Jankins, president and chief executive of Orchard Supply, and was organized by Freeman Spogli & Co., a Los Angeles investment firm.
April 11, 1989
Wickes Reaches Accord: Wickes Cos. said it has signed "a memorandum of understanding" that outlines a proposed settlement of several shareholder lawsuits. The suits allege, among other claims, violations of federal securities laws arising out of former management's tender offer for Wickes, based in Santa Monica. The offer was dropped in October, 1988. Subsequently, Wickes was acquired by WCI Holdings Corp. Under the proposed settlement, Wickes intends to set up a $4.5-million settlement fund for distribution to the shareholders who filed the lawsuits and their attorneys, and to pay settlement costs.
April 4, 1989 |
Wickes Furniture, a retail chain owned by Wickes Cos. of Santa Monica, is being sold to a group including the retailer's management and a company that specializes in selling companies to employees, reliable sources said Monday. The price will be between $150 million and $200 million, the sources said. Since buying Wickes Cos. last December for $538.9 million, a New York partnership formed by the investment firms of Wasserstein, Perella & Co.
March 30, 1989
The federal grand jury indictment against Michael Milken, Lowell Milken and Bruce L. Newberg accuses the defendants of three groups of racketeering law violations. A summary of the allegations follows (Except where indicated, Michael Milken allegedly acted without his two co-defendants.): Actions Involving Ivan F. Boesky Fischbach Corp.
January 28, 1989 |
Wickes Cos. said Friday it agreed to sell four apparel businesses, including Cole of California swimwear, to the New York investment firm Odyssey Partners for an undisclosed price. Wickes sold the businesses as part of a plan by its new owners to shrink the company. Wickes was acquired by WCI Holdings, a New York investment partnership, last October for $538.9 million. Besides Cole, Odyssey Partners is buying Catalina sportswear and swimwear, Mode O'Day women's shops and Colonial Corp.
January 12, 1989
Wickes Cos. of Santa Monica has sold its Yorktowne Inc. subsidiary to a group of institutional investors affiliated with Berkeley International Capital Corp. and members of Yorktowne's management.
December 30, 1988 |
The government's investigation of alleged criminal securities fraud at Drexel Burnham Lambert Inc. has widened to include one of the firm's prominent "junk bond" clients, corporate raider Saul P. Steinberg, according to sources familiar with the probe. Federal prosecutors are investigating whether Steinberg tried to evade state insurance laws by participating in an illegal "stock parking" scheme with Drexel junk bond chief Michael Milken when Steinberg accumulated a big stake in Wickes Cos.