April 14, 1989
Wickes Merger Approved: Shareholders of Santa Monica-based Wickes Cos. have approved the proposed merger with WCI Holdings. The merger, which is the final step in the acquisition of all outstanding shares of common stock by WCI Holdings, became effective immediately. WCI Holdings is jointly owned by Blackstone Capital Partners L.P. and Wasserstein Perella Partners L.P. Wickes' new owners have been selling off assets from the retailing-manufacturing conglomerate since they acquired an 88% stake in Wickes on Dec. 8 for about $539 million.
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.
November 26, 1988 |
Wickes Cos. said it will sell its credit card subsidiary for about $300 million to a corporation founded by two company executives, the firm announced Friday. The deal for WCI Financial Corp., expected to close Wednesday, is separate from the $538.9-million acquisition of Wickes by two New York investment groups, Wickes spokesman Michael Sitrick said. WCI President James E. Neese and Wickes Vice President and Treasurer Ervin J.
November 2, 1988 |
The New York buyers of Wickes Cos. said Tuesday that they expect to sell some or all of the Santa Monica company's retail operations, possibly including the Builders Emporium and Wickes Furniture chains. The disclosure is the latest in a rapid-fire round of changes surfacing in the week since the investment banking firms of Blackstone Group and Wasserstein Perella & Co. agreed to buy Wickes for $538.9 million in cash and stock.
July 27, 1986 |
A passengers quickly de plane, clear customs and head to two taxis that depart for a hotel on the other end of the tiny Atlantic island. s dusk begins to fall, a sleek white Canadair Challenger jet descends from gray clouds, touching down on an airstrip on the east tip of Bermuda. Its four passengers quickly deplane, clear customs and head to two taxis that depart for a hotel on the other end of the tiny Atlantic island.
March 21, 1986 |
In a major shift of direction, Wickes Cos. announced Thursday that it is leaving the general retailing business and will divest four of its retail operations. The company said it will use funds from the sale of those units, along with $500 million from a new debt offering, to accumulate a "war chest" to make a major acquisition soon. Sanford C.