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Wikipedia

Broadway Stores

January 06, 2023

Broadway Stores, Inc., was an American retailer based in Southern California. Known through its history as Carter Hawley Hale Stores and Broadway Hale Stores over time, it acquired other retail store chains in regions outside its California home base and became in certain retail sectors a regional and national retailer in the 1970s and 1980s. The company was able to survive takeover attempts in 1984 and 1986, and also a Chapter 11 bankruptcy filing in 1991 by selling off most of its assets until August 1995 when its banks refused to advance enough additional credit in order for the company to be able to pay off suppliers. At that point, the company sold itself to Federated Department Stores for $1.6 billion with the acquisition being completed on October 12, 1995.

Broadway Stores, Inc.
A former The Broadway department store at the Hawthorne Plaza Shopping Center in Hawthorne, California, in 2010
Formerly
  • Broadway-Hale Stores (1950–1974)
  • Carter Hawley Hale Stores (1974–1994)
TypePublic
NYSE: BWY
IndustryRetail
FoundedFebruary 24, 1896; 126 years ago (1896-02-24) as The Broadway in Los Angeles
FounderArthur Letts, Sr.
DefunctOctober 12, 1995; 27 years ago (1995-10-12)
FateCompany was sold to Federated Department Stores
SuccessorMacy's
Headquarters
Los Angeles, California
,
US
Area served
United States
Key people
Edward W. Carter, Prentis C. Hale, Philip M. Hawley
Divisions

History

Early history

In 1950, as Los Angeles began to grow in population very rapidly and assumed dominance within the state, the fast-growing The Broadway Department Stores (founded in 1896) based there negotiated an all-stock merger with Hale Bros. Stores, Inc. Edward W. Carter, president of The Broadway, became the president of Broadway-Hale Stores.

The newly enlarged company began to grow aggressively with its Broadway stores expanding south to San Diego in 1961 and east to Phoenix, Arizona, in 1968. A mail order firm named the Sunset House[1][2][3][4][5][6][7] was also acquired in 1968.[8][9] In 1970, the company acquired Emporium-Capwell Co.,[10][11] itself the holding company for Emporium in San Francisco (and suburbs) and Capwell's (H.C. Capwell Co.) in Oakland (and suburbs) and keeping their respective names on the stores in the San Francisco Bay Area.

Also in 1969, Broadway-Hale acquired the then 3-unit Neiman Marcus specialty department store, based in Dallas, Texas,[12][13] and the Walden Book Co. (known more commonly as Waldenbooks)[14] and began to actively grow those businesses, nationwide.

1970s–1980s

 
Carter Hawley Hale logo (c. 1974)

In 1972, Prentis Hale retired as chairman, Edward Carter assumed the chairmanship and Philip M. Hawley (who started as a women's sportswear buyer in 1958) became company president. In 1974, in a news release it states, CHH stated that to reflect the executives' contributions, the corporate parent was adopting the name Carter Hawley Hale Stores, Inc.[15] The new name was a major tongue twister, and stock analysts sometimes called it "Ego, Inc."[citation needed] The Wall Street Journal reported in 1984 that some critics accused Carter and Hawley on being on an "ego trip".[16] In 1977, Carter retired. Hawley was appointed CEO.[17]

The company continued to be an active acquirer, in 1972 acquiring Bergdorf Goodman in New York,[18][19] and Holt Renfrew of Montreal, Canada.[20] After attempting an ill-fated, unsuccessful hostile takeover of Marshall Field in 1977,[21][22][23][24] the company acquired the venerable but tattered John Wanamaker's of Philadelphia for $60 million (cash) in April 1978.[25][26] That was followed by a stock swap for Thalhimers of Richmond, Virginia in August 1978.[27] Contempo Casuals was a May 1979, takeover.[28] Emporium and Capwell's were merged to form a unified San Francisco Bay-area presence as Emporium-Capwell in 1980,[29][30] Weinstock's moved into Utah and Reno, Nevada, and The Broadway stores were split into separate Los Angeles and Phoenix-based divisions as the chain expanded into Colorado, New Mexico and Nevada. Sales increased, but profits did not. The saying on Wall Street was "God gave them Southern California, and they blew it", which The Wall Street Journal had attributed to Monroe H. Greenstein, a retailing analyst at Bear Stearns.[16]

In 1980, CHH decided to get rid of units which catered to the lower economic markets. The first to go was the Sunset House mail order unit which also operated novelty shops in shopping malls.[31][32] CHH found a buyer that only wanted the mail order unit and the mall stores were closed in 1981.[33]

Faced with continuing poor results, and two hostile takeover attempts by The Limited in 1984[34] and 1986,[35] the company, still led by Phillip M. Hawley, reacted by first selling Waldenbooks to Kmart in 1985,[36] Holt Renfrew to the Weston Family in April 1986,[37][38] Wanamaker's to A. Alfred Taubman's Woodward & Lothrop in January 1987[39] and then splitting off the desirable specialty store business as Neiman-Marcus Group, Inc. (encompassing the Neiman-Marcus, Bergdorf Goodman and Contempo Casuals stores). The company that had rescued Carter Hawley Hale from The Limited takeover-attempts, theater owner/soft-drink bottler-cum-investment company General Cinema (later renamed Harcourt General) assumed majority ownership of Neiman-Marcus Group as its reward.[40] Thalhimer's was sold to May Department Stores in December 1990.[41]

1990s and the end

From its heights in 1984 as the sixth-largest department store chain firm in the United States, CHH fell into Chapter 11 bankruptcy in 1991.[42][43] Besides the financial problems of surviving the 1980s era of hostile takeovers, the main California department store business had faltered because of increasing competition from Nordstrom.

In 1992, after one and one-half years of bankruptcy negotiations, financier Sam Zell and his Zell/Chilmark Fund completed the reorganization of the newly renamed Broadway Stores, Inc., taking a 75 percent stake.[44] The company finally emerged from bankruptcy in October 1992 and Hawley promptly announced his retirement.[45] In early 1993, the three Utah-based Weinstock's stores were closed and the store leases were sold to Mervyns,[46] Dillard's,[47] and ZCMI.[48]

After the takeover by Zell, Hawley was replaced as CEO by David Dworkin.[49] Dworkin tried to slow the outward flow of cash from the company by remodeling stores and streamlining operations.[50] In June 1994, the shareholders of Carter Hawley Hale Stores, Inc. voted to change the name of the company to Broadway Stores, Inc.[51] to symbolize a change in the ailing company, but it was too late to make a difference.

The final blow came on August 8, 1995, when the firm's lenders announced they would not advance the company any additional funds - which were needed to pay suppliers for new, as well as existing inventory.[52][53] A week later, the firm announced its sale to Federated Department Stores which effectively marked the beginning of the end to the remnant nameplates that the stores had operated under.[54][55]

The newly streamlined company was short-lived, however. In August 1995, Federated Department Stores agreed to acquire Broadway Stores. The acquisition was completed on October 12. The chain was dissolved in 1996 as Federated consolidated the former Broadway, Emporium and Weinstock's stores, along with its own Macy's California and Bullock's chains (acquired in 1994),[56] to form Macy's West.[57] Several duplicative units were sold to Sears or shuttered, while Federated also used the real estate of five stores (Emporium-Capwell Stanford Shopping Center, Broadway Sherman Oaks Fashion Square, Broadway Century City Shopping Center, Broadway Beverly Center, and Broadway Fashion Island Newport Beach) to finally bring its Bloomingdale's chain to the West Coast.[58]

On September 28, 2006, Emporium-Capwell's Market Street flagship was redeveloped to house another Bloomingdale's location as well as an expansion of the adjoining shopping center Westfield San Francisco Centre.[59] In addition, the one-time CHH Corporate Offices in the former Superior Oil Company Building at 550 South Flower Street in Los Angeles, right next door to The California Club (of which Carter and Hawley were members), were converted into a three-star boutique hotel called "The Standard."[60]

Selected divisions

Broadway

Main article: The Broadway

The Broadway division was the largest department store division within the company. The division could trace its roots to the Broadway Department Store that was founded in Los Angeles by Arthur Letts, Sr. in 1896. By 1992, the division expanded throughout Southern California and started expanded outside of California. In 1979, the division was split into the Phoenix-based Broadway Southwest to handle the out-of-state stores and the Los Angeles-based Broadway Southern California to handle the stores within California. The two separate divisions were consolidated in 1992 after many of the non-Californian stores were closed. At the time of its parent acquisition by Federated, Broadway had 52 stores.

Hale's

 
Former Hale's store in San Francisco at 5th and Market in 2008
Main article: Hale's

The chain's beginnings date from The Criterion store founded in Sacramento, California, in 1880 by the Hale Brothers, Prentis Cobb Hale I and Marshal Hale and adopted their name later the same year. By 1936, scion Prentis Cobb Hale worked as a stock clerk in the family store after he graduated from Stanford University. The company had expanded throughout Northern California, including a location at 989 Market Street in San Francisco by 1902 (replaced in 1912 by a location at 901 Market Street). By 1949, the company had acquired its Sacramento-based rival Weinstock, Lubin & Co. Weinstock's was kept as a separate brand. Paradoxically, the Hale brand was later absorbed by the Weinstock's brand in Northern California.

Emporium-Capwell

Main article: Emporium-Capwell

Emporium-Capwell was created by the 1927 merger of the San Francisco-based Emporium Company and the Oakland-based H.C. Capwell Company.[61][62] This company kept the two brands separate and had opened many Emporium and Capwell stores respectively throughout the San Francisco Bay Area prior to its acquisition by Broadway-Hale in 1970. Under Carter Hawley Hale, there were 12 Emporiums and six Capwell stores when the two brands were merged to form the single Emporium-Capwell brand in 1980. There were 22 Emporium-Capwell stores left at the time of its parent's acquisition by Federated.

Weinstock's

Main article: Weinstock's

Weinstock's could trace its origins to the Sacramento-based Weinstock, Lubin & Co. There were 8 Weinstock's store left at the time of its parent's acquisition by Federated.

ERISA case

Carter Hawley Hale also is known as a famous case study regarding its retirement plans. Because it offered its employees a profit-sharing plan, and not a retirement fund, under the Federal Employee Retirement Income Security Act (ERISA) pension plan law, the trustee was under no obligation to diversify the fund. Because of the nondiversification and continued purchase of Carter Hawley Hale stock, the employee fund soon was stuck with a precipitous loss in value. Its employees’ low morale contributed to its problems.[63][42]

Advertising

The longtime print and television-radio media advertising slogans during the 1970s until The Broadway closed for good were "It's at the Broadway" (radio and television only) and "The Broadway is Southern California" (all media). A baritone male voice-over announcer provided the verbalized slogan.

See also

References

  1. ^ Circuit, United States Court of Appeals Ninth (December 31, 1969). "415 F2d 545 National Labor Relations Board v. Sunset House". F2d (415): 545 – via openjurist.org. {{cite journal}}: Cite journal requires |journal= (help)
  2. ^ Cohen, William A. (February 1996). Building a Mail Order Business: A Complete Manual for Success. John Wiley & Sons. p. 8. ISBN 9780471109464. Sunset.
  3. ^ "It all Started with the Strangest Space Ad in Direct-Marketing History".
  4. ^ https://www.sec.gov/news/digest/1962/dig021562.pdf[bare URL PDF]
  5. ^ "CPSC Warns Of Electric Shock Dangers From "Little Wonder TV Antenna"". U.S. Consumer Product Safety Commission. July 4, 2016.
  6. ^ "SUNSET HOUSE Trademark of Spencer Gifts, Inc. Serial Number: 72167661 :: Trademarkia Trademarks". trademark.trademarkia.com.
  7. ^ "Leonard Carlson - Obituary". www.legacy.com.
  8. ^ Bush, Thomas W. (August 23, 1968). "Broadway-Hale Agrees to Buy Sunset House for $13.5 Million". Los Angeles Times. p. e13. Sunset House would operate under present management as an autonomous subsidiary of Broadway-Hale. Carter said acquisition of the company is "a first step in our announced program of corporate diversification, and Sunset House will provide us with new opportunities through its nationwide mail order distribution of consumer goods." Alternate Link(subscription required) via ProQuest.
  9. ^ "Broadway-Hale Stores Shareholders Approve Sunset House Purchase". The Wall Street Journal. November 29, 1968. p. 7. Shareholders of Broadway-Hale Stores Inc. approved their company's acquisition of Sunset House, a specialty mail-order concern at a special meeting. Alternate Link(subscription required) via ProQuest.
  10. ^ Auerbach, Alexander (June 26, 1970). "Arrangements Set for Broadway-Hale, Emporium Merger". Los Angeles Times. p. d13. Broadway-Hale Stores Inc. and Emporium-Capwell Co. Thursday announced a formal plan of merger and reorganization, following the lines of a preliminary merger plan announced May 11. Alternate Link(subscription required) via ProQuest.
  11. ^ "Emporium Capwell Co., Broadway-Hale Stores Agree to a Merger: Emporium Will Give 1 1/8 Shares for Each Share of Broadway-Hale; Holders of Both Must Approve". The Wall Street Journal. May 12, 1970. p. 16. Emporium Capwell Co. and Broadway-Hale Stores Inc., both West Coast retailers, announced an agreement in principle to merge. Emporium Capwell would be the surviving corporation, but its name would be changed to Broadway-Hale Stores Inc. In a joint statement, the companies said that Prentis C. Hale, chairman of Broadway-Hale, and Edward W. Carter, its president and chief executive officer, would serve as chairman and president respectively of the merged corporation. Emporium Capwell stores would be operated under their present management. Alternate Link(subscription required) via ProQuest.
  12. ^ "Broadway-Hale Stores, Neiman-Marcus Agree In Principle to Merge: Transaction Valued at $39 Million; Terms Call for Broadway-Hale To Issue Convertible Preferred". The Wall Street Journal. October 24, 1968. p. 11. Neiman-Marcus Co. and Broadway·Hale Stores Inc. have agreed in principle to a merger of Neiman-Marcus into Broadway-Hale. Neiman-Marcus operates specialty stores in Dallas, Houston and Fort Worth. Alternate Link(subscription required) via ProQuest.
  13. ^ "Neiman-Marcus Holders Vote Merger Into Broadway-Hale". The Wall Street Journal. April 9, 1969. p. 29. Stockholders of Neiman-Marcus Co. approved the merger of Neiman·Marcus into Broadway·Hale Stores Inc., Los Angeles, at a special meeting. Broadway·Hale holders approved the merger last November. Alternate Link(subscription required) via ProQuest.
  14. ^ "Broadway Results Peak In 3d Quarter". Women's Wear Daily. Vol. 119, no. 105. December 1, 1969. p. 12. Broadway-Hale Stores, Inc., has acquired Walden Book Co., Stamford, Conn., a national retailer of books, a spokesman confirmed. Link(subscription required) via ProQuest.
  15. ^ "Broadway's Parent to Take New Name". Los Angeles Times. February 12, 1974. p. c9. But when Broadway-Hale Stores Inc. directors decided it was time for a change they just looked around the table. The Los Angeles firm, parent of the Broadway Stores, Neiman-Marcus, Capwell's and other retail operations, will be known as Carter Hawley Hale Stores Inc., if the shareholders approve. The name is taken from its principal executives: Edward W. Carter, board chairman; Philip M. Hawley, president; and Prentis C. Hale, chairman of the executive committee. Operating divisions will retain their present names. The company said "Broadway-Hale" was too often confused with the Broadway Stores retailing unit. Alternate Link(subscription required) via ProQuest.
  16. ^ a b Gottschalk, Earl C., Jr. (April 12, 1984). "Carter Hawley Chief Finds Firm Is Target Of Takeover After Own '70s Buying Binge". The Wall Street Journal (Eastern ed.). p. 1. In the past few years Carter Hawley has also lost market share In California because of a retailing invasion by R.H. Macy & Co. and Nordstrom, retailers says. "God gave them California and they blew it," says Monroe H. Greenstein, retailing analyst at Bear, Stearns & Co... Mr. Hawley's personality is at the heart of the company's operations, and that seems to be a mixed blessing... In 1972 he was appointed president of Broadway Hale Stores Inc. Three years later, the company changed its name to Carter Hawley Hale Stores Inc., provoking some gripes that Edward W. Carter, chairman, and Mr. Hawley were on an "ego trip". In 1977 Mr. Hawley was named chief executive officer, replacing Mr. Carter. Last year, when Mr Carter retired, Mr. Hawley became chairman. Alternate Link(subscription required) via ProQuest.
  17. ^ Getze, John (January 6, 1977). "Hawley Named Chief of Broadway Stores Parent". Los Angeles Times. p. D10. Philip M. Hawley Wednesday was elected chief executive officer of Carter Hawley Hale Stores Inc., the nation's seventh-largest department store chain. Hawley, 51, has been president of the Los Angeles-based company since 1972. He joined the firm in 1958 and became president of the Broadway Slores division in 1968. Hawley, who will assume his new responsibilities Feb. 1. succeeds Edward W. Carter. the company's 65-year-old chairman of the board, in the post of chief executive. Carter will remain chairman and continue to be active in the firm's management. Carter has been chief executive since 1946, when the company consisted of three Broadway department stores Alternate Link(subscription required) via ProQuest.
  18. ^ "Broadway-Hale Stores Allowed by FTC to Buy Bergdorf Goodman Co.: Panel Agrees New York Retailer Likely Would Close Without Merger for Lack of Funding". The Wall Street Journal. April 14, 1972. p. 30. The Federal Trade Commission approved Broadway-Hale Stores Inc.'s proposed acquisition of Bergdort Goodman Co., a New York fashion store. Broadway-Hale, a Los Angeles-based chain of department stores, is required by a previous agreement with the commission to obtain FTC approval for such acquisitions. The FTC said its approval was based largely on the companies' contention that the Bergdorf store on New York's Fifth Avenue probably would have to be closed unless the acquisition was allowed. The FTC said Broadway-Hale argued that "massive financing" needed to expand the store probably wouldn't have been available to Bergdorf because of its "unstable financial condition." Alternate Link(subscription required) via ProQuest.
  19. ^ Sloane, Leonard (March 25, 1971). "West Coast Chain To Buy Bergdorf's: Bergdorf Goodman to Be Bought by Broadway-Hale Stores, a West Coast Chain". The New York Times. p. 1. Bergdorf Goodman, the Fifth Avenue specialty store, has signed an agreement in principle to be acquired by Broadway-Hale Stores, Inc., the largestdepartment store organization in the West and one of the 50 largest retailers in the United States. Presently, Broadway-Hale operates 29 full-line department stores called Broadway in southern California, Arizona and Nevada. It also owns the 13 Weinstock stores in Northern California and Nevada; 14 Emporium and Capwell stores in San Francisco and Oakland; four Neiman-Marcus stores in Texas; Sunset House, a leading mail-order business, and the Walden Book Company which has stores in 44 states. Alternate Link(subscription required) via ProQuest.
  20. ^ "Broadway-Hale to Acquire 19-Store Canadian Retailer". Los Angeles Times. December 22, 1971. p. d13. Broadway-Hale Stores Inc. of Los Angeles reported Tuesday that it has agreed to purchase Holt, Renfrew & Co. Ltd., a 19-store Canadian fashion retailing chain, from a subsidiary of CIT Financial Corp... Canadian Acceptance Corp., Ltd., a unit of New York-based CIT. Alternate Link(subscription required) via ProQuest.
  21. ^ Wiener, Leonard (February 2, 1978). "Carter Hawley raises its bid to buy Fields". Chicago Tribune. p. C6. Carter Hawley Hale Stores. Inc., announced plans Wednesday to take its Marshall Field & Co. takeover offer directly to Fields shareholders. The management and directors of Fields have been fighting an attempt by Carter Hawley to force merger negotiations. That is why Carter Hawley has begun the process to bypass Field executives and make a $378 million public offer to buy "any or all shares" of Fields. Fields has stores in Cleveland and the Pacific Northwest, in addition to Chicago. Alternate Link(subscription required) via ProQuest.
  22. ^ Auerbach, Alexander (February 2, 1978). "Carter Hawley Hale Will Push Field Bid: Planned Tender Offer May Total $380 Million". Los Angeles Times. p. e12. Carter Hawley Hale Stores Inc., Los Angeles, Wednesday announced plans (or a tender offer for the stock of Marshall Field & Co., Chicago). At current prices, the offer could be worth a total of $380 million. Field's officers and directors unanimously rejected an informal merger proposal by Carter Hawley Hale last month. Alternate Link(subscription required) via ProQuest.
  23. ^ Wiener, Leonard (February 23, 1978). "Business: Carter Hawley withdraws bid for Fields Bid to control Fields dropped". Chicago Tribune. p. c7. Carter Hawley Hale Stores, Inc., Wednesday dropped its attempt to take over Marshall Field & Co. Carter Hawley, based in Los Angeles, operates department stores across the country and has been publicly courting Fields since December. Other big retailing chains also have been reported interested in Fields, a retailer with a well-regarded name but one that only recently has begun to overcome past management and financial problems. Alternate Link(subscription required) via ProQuest.
  24. ^ Auerbach, Alexander (February 23, 1978). "Carter Hawley Hale Drops Bid for Field: Offer No Longer Makes Economic Sense to L.A. Firm". Los Angeles Times. p. d13. Carter Hawley Hale Stores Inc., Los Angeles, Wednesday said it is withdrawing its proposed offer to acquire Marshall Field & Co., Chicago, because the hotly contested bid "no longer makes economic sense." The action ended a four-month effort by Carter Hawley to acquire the reluctant Field. Despite an offer of twice its market price, the Chicago firm escaped by throwing up a curtain of lawsuits and transforming itself into a company no longer attractive to its pursuer. Alternate Link(subscription required) via ProQuest.
  25. ^ "Wanamaker Takeover". The Washington Post. March 10, 1978. p. B8. Carter Hawley Hales Stores, Inc., has reached an agreement in principle to acquire the 15-store John Wanamaker department store chain for $12.6 million in cash and 12 million shares of Carter Hawley Hale common stock worth about $65 million. Wanamaker has stores in the Philadelphia, New York and Wilmington areas. Alternate Link(subscription required) via ProQuest.
  26. ^ Auerbach, Alexander (March 9, 1978). "Carter Hawley Hale Will Buy J. Wanamaker: Broadway's Parent to Pay About $45 Million for Philadelphia Chain". Los Angeles Times. p. d13. Carter Hawley Hale Stores Inc., Los Angeles, Wednesday announced that it will acquire John Wanamaker, a Philadelphia-based department store chain, for about $45 million in cash and common stock. Alternate Link(subscription required) via ProQuest.
  27. ^ Knight, Jerry (June 20, 1978). "Thalhimer's Acquired by Carter Hawley". The Washington Post. pp. E1–E2. Carter Hawley Hales Stores Inc., the big retailer that has been on a shopping spree for department stores, yesterday agreed to acquire Thalnimer Brothers of Richmond for stock worth $70 million. Alternate Link(subscription required) via ProQuest.
  28. ^ "Carter Hawley Acquisition". The Wall Street Journal. May 17, 1979. p. 14. Carter Hawley Hale Stores Inc. said it acquired the outstanding stock of Contempo Casuals, a retailer of women's sportswear, in a private cash transaction. Alternate Link(subscription required) via ProQuest.
  29. ^ "Merge Emporium, Capwell Divisions". WWD. Vol. 140, no. 36. February 21, 1980. pp. 1–2. The Emporium and H.C. Capwell divisions of Carter Hawley Hale have been combined into a single division, Emporium Capwell, with a single management team. Hawley noted the two divisions, now operating as one, will be able to make a stronger impact in use of media and customers now will have charge accounts in 18 stores. Link(subscription required) via ProQuest.
  30. ^ "California: Carter Hawley Hale will link two Northern California chains". Los Angeles Times. February 21, 1980. p. f2. effective May 1, its Emporium and Capwell divisions will combine their operations and management in the San Francisco-Oakland areas. The 12 Emporiums and six Capwell's all will be known as Emporium Capwell. Alternate Link(subscription required) via ProQuest.
  31. ^ "Carter Hawley to Sell Assets of Sunset House Unit". Los Angeles Times. November 11, 1980. p. e2. In a move that signals the new strategy of Carter Hawley Hale Stores Inc. to go after the affluent consumer, the Los Angeles-based retailer announced Monday that it has made arrangements to sell the assets of its Sunset House division to a group of private investors. The sale price for Sunset House, a specialized retailer which has a nationwide gifts and novelties mail order business and 42 stores in the Southwest, was not disclosed, nor were the names of the investors. Alternate Link(subscription required) via ProQuest.
  32. ^ "Carter Hawley Hale to Sell Unit's Assets". The New York Times (Late (East Coast) ed.). November 11, 1980. p. D.4. Carter Hawley Hale Stores Inc. of Los Angeles, a nationwide operator of department and specialty stores that include such units as Neiman-Marcus and Bergdorf Goodman, announced yesterday that it has made arrangements to sell the assets of its Sunset House division, a specialty merchandise operation based in Los Angeles. Carter Hawley Hale did not disclose to whom it was selling the assets. Nor did it disclose how much money was involved in the sale, which is expected to be made final during the current fiscal year, which ends on the Saturday closest to Jan. 31. But the company did say that the sale of the assets was expected to produce a slight gain over their book value. A spokesman said the sale reflected the fact that "Sunset no longer fits our corporate retailing strategy." Sunset House conducts a nationwide mail order, gift and novelty business from its Los Angeles headquarters. It also operates shopping center mall specialty shops that sell gifts and accessories for the home. The unit, acquired by Carter Hawley Hale in 1968, includes 42 stores with a total floor space of 100,000 square feet. Alternate Link(subscription required) via ProQuest.
  33. ^ "N.Y. Firm to Buy Portion of Sunset House". Los Angeles Times. January 8, 1981. p. f2. Unit Buying Service Co. Inc., a catalogue mail-order merchandiser, disclosed Wednesday that it has agreed to purchase the mail-order portion of Sunset House Corp., a wholly owned subsidiary of Carter Hawley Hale Stores Inc., Los Angeles. A spokesman for the Hicksville, N.Y.-based retailer said the company will pay between $3.5 million and $5 million for the trademark and trade names "Sunset House" and "Beauty Showcase;" the complete customer mailing list, and certain outlets located in the Southwest. Carter Hawley Hale would not comment on the fate of the stores or on the agreement. Carter Hawley Hale purchased the Sunset House unit in 1968 but put it up for sale last year, saying itno longer fit into the chain's "corporate strategy." Alternate Link(subscription required) via ProQuest.
  34. ^ Barmash, Isadore (April 3, 1984). "Carter Hawley Bid By Limited". The New York Times.
  35. ^ Groves, Martha (November 26, 1986). "Carter Hawley Hale Again Targeted in Takeover Bid". Los Angeles Times.
  36. ^ Barmash, Isadore (July 24, 1984). "K Mart to Acquire Waldenbooks". The New York Times.
  37. ^ Rivera, Nancy (February 19, 1986). "Carter Hawley to Sell Its 15-Store Unit in Canada". Los Angeles Times.
  38. ^ Dunn, Brian (February 19, 1986). "Weston To Buy Holt Renfrew". Montreal Gazette. pp. F-1.
  39. ^ Groves, Martha (November 5, 1986). "Wanamaker Will Be Sold by Carter Hawley : Analysts Estimate Value of Deal at $180 Million". Los Angeles Times.
  40. ^ Yoshihara, Nancy (December 9, 1986). "Carter Hawley Hale Splits Up : General Cinema the Winner in Split-Up of Carter Hawley". Los Angeles Times.
  41. ^ Silverstein, Stuart (October 10, 1990). "Carter Hawley Posts Loss of $26 Million; Will Cut Staff". Los Angeles Times.
  42. ^ a b Silverstein, Stuart (February 11, 1991). "Carter Hawley Files for Chapter 11 : Retailing: The Los Angeles-based company's stores will remain open while it seeks to reorganize". Los Angeles Times. Among the hardest hit by Carter Hawley's bankruptcy court filing could be many of its 29,000 employees, particularly about 14,000 who have participated in the company's 401(k) savings plan. The plan, designed both to augment employees' pension benefits and to strengthen the company's takeover defenses, holds 45% of Carter Hawley's stock.
  43. ^ Stevenson, Richard W. (February 12, 1991). "Chapter 11 For Carter Hawley". The New York Times.
  44. ^ White, George (July 8, 1992). "Carter Hawley Hale Files Reorganization Plan : Retailing: Broadway's parent company moves to eliminate debt and emerge from bankruptcy protection". Los Angeles Times.
  45. ^ Adelson, Andrea (October 10, 1992). "Retirement Set at Carter Hawley Hale". The New York Times. Philip M. Hawley, chairman and chief executive of Carter Hawley Hale Stores Inc., said today that he would retire from the department store chain on Jan. 31... Carter Hawley Hale, based in Los Angeles, is the West's biggest retailer, with 87 department stores. The company emerged this week from bankruptcy protection with lower overhead costs, mostly as a result of a debt-for-equity swap with the Zell/ Chilmark Fund of Chicago.
  46. ^ Knudson, Max B. (September 10, 1992). "Mervyn's Chain Will Buy 2 Stores From Weinstocks". Deseret News.
  47. ^ "Dillard Department Stores to Open Shop at Fashion Place". Deseret News. March 25, 1993.
  48. ^ Knudson, Max B. (June 16, 1994). "Ogden Zcmi to Move Across Street In Mall". Deseret News.
  49. ^ White, George (February 10, 1993). "CEO Named at Carter Hawley Hale : Retailing: The Broadway's parent firm chooses a successor to Philip Hawley to oversee a hoped-for turnaround". Los Angeles Times.
  50. ^ White, George (June 17, 1994). "Broadway's Make-Over : New CEO Remodels Stores and the Corporate Culture". Los Angeles Times. Carter Hawley operates 52 Broadway, 22 Emporium and nine Weinstocks stores in five states.
  51. ^ "Retailing". Los Angeles Times. June 18, 1994.
  52. ^ Schmeltzer, John (August 8, 1995). "Zell Can't Make A Hit Out Of Broadway Stores: Lending Firms Cut Off 82-unit Chain In West: Stock Price Plummets". Chicago Tribune.
  53. ^ "Bankruptcy Fears Take Big Toll On Broadway Stores' Shares". The New York Times. August 8, 1995.
  54. ^ "Federated to Buy Broadway Stores For $1.6 Billion". The New York Times. August 15, 1995.
  55. ^ White, George & Silverstein, Stuart (August 15, 1995). "Federated Stores to Buy Broadway in $373-Million Deal : Retail: Merger would erase the Broadway name from Southland scene, likely spur closures, layoffs. Many sites would be converted to Bullock's, Macy's, Bloomingdale's". Los Angeles Times. Broadway Stores operates 52 stores under The Broadway name--41 of them in California and the rest in Nevada, Arizona, New Mexico and Colorado. The company also operates 21 Emporium and eight Weinstocks stores in Northern California. Broadway Stores also operates a Weinstocks store in Nevada.
  56. ^ White, George & Apodaca, Patrice (October 13, 1995). "All Bullock's Stores to Be Converted to Macy's". Los Angeles Times. Federated executives disclosed their plans to The Times one day after the company completed its acquisition of Los Angeles-based Broadway Stores Inc. Federated had already announced that it will drop the Broadway name.
  57. ^ White, George (November 18, 1995). "Broadway to Convert 40 in Store Chain to Macy's : Retailing: New owner Federated also plans to sell nine sites to Sears and seeks buyers for 10 more facing closure in early 1996". Los Angeles Times.
  58. ^ Callender, Ealena (February 16, 1996). "Going Upscale : Beverly Center Broadway Will Become Bloomingdale's". Los Angeles Times.
  59. ^ Nolte, Carl (September 24, 2006). "Westfield San Francisco Centre / 'Queen of Market Street' is all dressed up, ready for grand debut". San Francisco Chronicle.
  60. ^ Pettera, Angela (March 15, 2001). "Mastro's to Serve Steaks at Former Chasen's Site". Los Angeles Times.
  61. ^ "$12,000,000 Dept. Store Merger Closed On Coast: Gapwell's Of Oakland, Cal., And Emporium Of San Francisco Combined As H. C. Capwell Department Stores Co., Effective June 1—To Erect Oakland Building Containing Almost 12 Acres Of Floor Space". Women's Wear Daily. Vol. 34, no. 63. March 17, 1927. p. 1. Announcement made in Oakland by H. C. Capwell and here by the executive board of the Emporium Co. reveal the merger of the H.C. Capwell organization of Oakland and the Emporium of San Francisco, involving $12,000,000. The original Emporium was opened in May 1896, on a cooperative plan whereby each department was operated by a different owner. In July, 1897, the present Emporium was organized as a single corporation under the leadership of F. W. Dohrmann. Link(subscription required) via ProQuest.
  62. ^ "Emporium Corporation". The Wall Street Journal. October 10, 1927. p. 5. A. B. C. Dohrmann, president of Emporium Corp. announces the formation of Emporium, Capwell Co., to hold common stock of Emporium Corp., capital stock of H. C. Capwell Co., of Oakland, stock of realty subsidiaries, formed or to be formed, and stock of The Eighth Street Store. Alternate Link(subscription required) via ProQuest.
  63. ^ Monks, Robert A. G. & Minow, Nell (2008). Corporate Governance (4 ed.). John Wiley & Sons. pp. 503–513. ISBN 9781405171069. OCLC 124075003.

January 06, 2023
broadway, stores, american, retailer, based, southern, california, known, through, history, carter, hawley, hale, stores, broadway, hale, stores, over, time, acquired, other, retail, store, chains, regions, outside, california, home, base, became, certain, ret. Broadway Stores Inc was an American retailer based in Southern California Known through its history as Carter Hawley Hale Stores and Broadway Hale Stores over time it acquired other retail store chains in regions outside its California home base and became in certain retail sectors a regional and national retailer in the 1970s and 1980s The company was able to survive takeover attempts in 1984 and 1986 and also a Chapter 11 bankruptcy filing in 1991 by selling off most of its assets until August 1995 when its banks refused to advance enough additional credit in order for the company to be able to pay off suppliers At that point the company sold itself to Federated Department Stores for 1 6 billion with the acquisition being completed on October 12 1995 Broadway Stores Inc A former The Broadway department store at the Hawthorne Plaza Shopping Center in Hawthorne California in 2010FormerlyBroadway Hale Stores 1950 1974 Carter Hawley Hale Stores 1974 1994 TypePublicTraded asNYSE BWYIndustryRetailFoundedFebruary 24 1896 126 years ago 1896 02 24 as The Broadway in Los AngelesFounderArthur Letts Sr DefunctOctober 12 1995 27 years ago 1995 10 12 FateCompany was sold to Federated Department StoresSuccessorMacy sHeadquartersLos Angeles California USArea servedUnited StatesKey peopleEdward W Carter Prentis C Hale Philip M HawleyDivisionsThe Broadway 1950 1995 Weinstock s 1950 1995 Hale s 1950 1967 Wanamaker s 1978 1987 Emporium Capwell 1970 1995 Contents 1 History 1 1 Early history 1 2 1970s 1980s 1 3 1990s and the end 2 Selected divisions 2 1 Broadway 2 2 Hale s 2 3 Emporium Capwell 2 4 Weinstock s 3 ERISA case 4 Advertising 5 See also 6 ReferencesHistory EditEarly history Edit In 1950 as Los Angeles began to grow in population very rapidly and assumed dominance within the state the fast growing The Broadway Department Stores founded in 1896 based there negotiated an all stock merger with Hale Bros Stores Inc Edward W Carter president of The Broadway became the president of Broadway Hale Stores The newly enlarged company began to grow aggressively with its Broadway stores expanding south to San Diego in 1961 and east to Phoenix Arizona in 1968 A mail order firm named the Sunset House 1 2 3 4 5 6 7 was also acquired in 1968 8 9 In 1970 the company acquired Emporium Capwell Co 10 11 itself the holding company for Emporium in San Francisco and suburbs and Capwell s H C Capwell Co in Oakland and suburbs and keeping their respective names on the stores in the San Francisco Bay Area Also in 1969 Broadway Hale acquired the then 3 unit Neiman Marcus specialty department store based in Dallas Texas 12 13 and the Walden Book Co known more commonly as Waldenbooks 14 and began to actively grow those businesses nationwide 1970s 1980s Edit Carter Hawley Hale logo c 1974 In 1972 Prentis Hale retired as chairman Edward Carter assumed the chairmanship and Philip M Hawley who started as a women s sportswear buyer in 1958 became company president In 1974 in a news release it states CHH stated that to reflect the executives contributions the corporate parent was adopting the name Carter Hawley Hale Stores Inc 15 The new name was a major tongue twister and stock analysts sometimes called it Ego Inc citation needed The Wall Street Journal reported in 1984 that some critics accused Carter and Hawley on being on an ego trip 16 In 1977 Carter retired Hawley was appointed CEO 17 The company continued to be an active acquirer in 1972 acquiring Bergdorf Goodman in New York 18 19 and Holt Renfrew of Montreal Canada 20 After attempting an ill fated unsuccessful hostile takeover of Marshall Field in 1977 21 22 23 24 the company acquired the venerable but tattered John Wanamaker s of Philadelphia for 60 million cash in April 1978 25 26 That was followed by a stock swap for Thalhimers of Richmond Virginia in August 1978 27 Contempo Casuals was a May 1979 takeover 28 Emporium and Capwell s were merged to form a unified San Francisco Bay area presence as Emporium Capwell in 1980 29 30 Weinstock s moved into Utah and Reno Nevada and The Broadway stores were split into separate Los Angeles and Phoenix based divisions as the chain expanded into Colorado New Mexico and Nevada Sales increased but profits did not The saying on Wall Street was God gave them Southern California and they blew it which The Wall Street Journal had attributed to Monroe H Greenstein a retailing analyst at Bear Stearns 16 In 1980 CHH decided to get rid of units which catered to the lower economic markets The first to go was the Sunset House mail order unit which also operated novelty shops in shopping malls 31 32 CHH found a buyer that only wanted the mail order unit and the mall stores were closed in 1981 33 Faced with continuing poor results and two hostile takeover attempts by The Limited in 1984 34 and 1986 35 the company still led by Phillip M Hawley reacted by first selling Waldenbooks to Kmart in 1985 36 Holt Renfrew to the Weston Family in April 1986 37 38 Wanamaker s to A Alfred Taubman s Woodward amp Lothrop in January 1987 39 and then splitting off the desirable specialty store business as Neiman Marcus Group Inc encompassing the Neiman Marcus Bergdorf Goodman and Contempo Casuals stores The company that had rescued Carter Hawley Hale from The Limited takeover attempts theater owner soft drink bottler cum investment company General Cinema later renamed Harcourt General assumed majority ownership of Neiman Marcus Group as its reward 40 Thalhimer s was sold to May Department Stores in December 1990 41 1990s and the end Edit From its heights in 1984 as the sixth largest department store chain firm in the United States CHH fell into Chapter 11 bankruptcy in 1991 42 43 Besides the financial problems of surviving the 1980s era of hostile takeovers the main California department store business had faltered because of increasing competition from Nordstrom In 1992 after one and one half years of bankruptcy negotiations financier Sam Zell and his Zell Chilmark Fund completed the reorganization of the newly renamed Broadway Stores Inc taking a 75 percent stake 44 The company finally emerged from bankruptcy in October 1992 and Hawley promptly announced his retirement 45 In early 1993 the three Utah based Weinstock s stores were closed and the store leases were sold to Mervyns 46 Dillard s 47 and ZCMI 48 After the takeover by Zell Hawley was replaced as CEO by David Dworkin 49 Dworkin tried to slow the outward flow of cash from the company by remodeling stores and streamlining operations 50 In June 1994 the shareholders of Carter Hawley Hale Stores Inc voted to change the name of the company to Broadway Stores Inc 51 to symbolize a change in the ailing company but it was too late to make a difference The final blow came on August 8 1995 when the firm s lenders announced they would not advance the company any additional funds which were needed to pay suppliers for new as well as existing inventory 52 53 A week later the firm announced its sale to Federated Department Stores which effectively marked the beginning of the end to the remnant nameplates that the stores had operated under 54 55 The newly streamlined company was short lived however In August 1995 Federated Department Stores agreed to acquire Broadway Stores The acquisition was completed on October 12 The chain was dissolved in 1996 as Federated consolidated the former Broadway Emporium and Weinstock s stores along with its own Macy s California and Bullock s chains acquired in 1994 56 to form Macy s West 57 Several duplicative units were sold to Sears or shuttered while Federated also used the real estate of five stores Emporium Capwell Stanford Shopping Center Broadway Sherman Oaks Fashion Square Broadway Century City Shopping Center Broadway Beverly Center and Broadway Fashion Island Newport Beach to finally bring its Bloomingdale s chain to the West Coast 58 On September 28 2006 Emporium Capwell s Market Street flagship was redeveloped to house another Bloomingdale s location as well as an expansion of the adjoining shopping center Westfield San Francisco Centre 59 In addition the one time CHH Corporate Offices in the former Superior Oil Company Building at 550 South Flower Street in Los Angeles right next door to The California Club of which Carter and Hawley were members were converted into a three star boutique hotel called The Standard 60 Selected divisions EditBroadway Edit Main article The Broadway The Broadway division was the largest department store division within the company The division could trace its roots to the Broadway Department Store that was founded in Los Angeles by Arthur Letts Sr in 1896 By 1992 the division expanded throughout Southern California and started expanded outside of California In 1979 the division was split into the Phoenix based Broadway Southwest to handle the out of state stores and the Los Angeles based Broadway Southern California to handle the stores within California The two separate divisions were consolidated in 1992 after many of the non Californian stores were closed At the time of its parent acquisition by Federated Broadway had 52 stores Hale s Edit Former Hale s store in San Francisco at 5th and Market in 2008 Main article Hale s The chain s beginnings date from The Criterion store founded in Sacramento California in 1880 by the Hale Brothers Prentis Cobb Hale I and Marshal Hale and adopted their name later the same year By 1936 scion Prentis Cobb Hale worked as a stock clerk in the family store after he graduated from Stanford University The company had expanded throughout Northern California including a location at 989 Market Street in San Francisco by 1902 replaced in 1912 by a location at 901 Market Street By 1949 the company had acquired its Sacramento based rival Weinstock Lubin amp Co Weinstock s was kept as a separate brand Paradoxically the Hale brand was later absorbed by the Weinstock s brand in Northern California Emporium Capwell Edit Main article Emporium Capwell Emporium Capwell was created by the 1927 merger of the San Francisco based Emporium Company and the Oakland based H C Capwell Company 61 62 This company kept the two brands separate and had opened many Emporium and Capwell stores respectively throughout the San Francisco Bay Area prior to its acquisition by Broadway Hale in 1970 Under Carter Hawley Hale there were 12 Emporiums and six Capwell stores when the two brands were merged to form the single Emporium Capwell brand in 1980 There were 22 Emporium Capwell stores left at the time of its parent s acquisition by Federated Weinstock s Edit Main article Weinstock s Weinstock s could trace its origins to the Sacramento based Weinstock Lubin amp Co There were 8 Weinstock s store left at the time of its parent s acquisition by Federated ERISA case EditCarter Hawley Hale also is known as a famous case study regarding its retirement plans Because it offered its employees a profit sharing plan and not a retirement fund under the Federal Employee Retirement Income Security Act ERISA pension plan law the trustee was under no obligation to diversify the fund Because of the nondiversification and continued purchase of Carter Hawley Hale stock the employee fund soon was stuck with a precipitous loss in value Its employees low morale contributed to its problems 63 42 Advertising EditThe longtime print and television radio media advertising slogans during the 1970s until The Broadway closed for good were It s at the Broadway radio and television only and The Broadway is Southern California all media A baritone male voice over announcer provided the verbalized slogan See also EditList of defunct department stores of the United StatesReferences Edit Circuit United States Court of Appeals Ninth December 31 1969 415 F2d 545 National Labor Relations Board v Sunset House F2d 415 545 via openjurist org a href Template Cite journal html title Template Cite journal cite journal a Cite journal requires journal help Cohen William A February 1996 Building a Mail Order Business A Complete Manual for Success John Wiley amp Sons p 8 ISBN 9780471109464 Sunset It all Started with the Strangest Space Ad in Direct Marketing History https www sec gov news digest 1962 dig021562 pdf bare URL PDF CPSC Warns Of Electric Shock Dangers From Little Wonder TV Antenna U S Consumer Product Safety Commission July 4 2016 SUNSET HOUSE Trademark of Spencer Gifts Inc Serial Number 72167661 Trademarkia Trademarks trademark trademarkia com Leonard Carlson Obituary www legacy com Bush Thomas W August 23 1968 Broadway Hale Agrees to Buy Sunset House for 13 5 Million Los Angeles Times p e13 Sunset House would operate under present management as an autonomous subsidiary of Broadway Hale Carter said acquisition of the company is a first step in our announced program of corporate diversification and Sunset House will provide us with new opportunities through its nationwide mail order distribution of consumer goods Alternate Link subscription required via ProQuest Broadway Hale Stores Shareholders Approve Sunset House Purchase The Wall Street Journal November 29 1968 p 7 Shareholders of Broadway Hale Stores Inc approved their company s acquisition of Sunset House a specialty mail order concern at a special meeting Alternate Link subscription required via ProQuest Auerbach Alexander June 26 1970 Arrangements Set for Broadway Hale Emporium Merger Los Angeles Times p d13 Broadway Hale Stores Inc and Emporium Capwell Co Thursday announced a formal plan of merger and reorganization following the lines of a preliminary merger plan announced May 11 Alternate Link subscription required via ProQuest Emporium Capwell Co Broadway Hale Stores Agree to a Merger Emporium Will Give 1 1 8 Shares for Each Share of Broadway Hale Holders of Both Must Approve The Wall Street Journal May 12 1970 p 16 Emporium Capwell Co and Broadway Hale Stores Inc both West Coast retailers announced an agreement in principle to merge Emporium Capwell would be the surviving corporation but its name would be changed to Broadway Hale Stores Inc In a joint statement the companies said that Prentis C Hale chairman of Broadway Hale and Edward W Carter its president and chief executive officer would serve as chairman and president respectively of the merged corporation Emporium Capwell stores would be operated under their present management Alternate Link subscription required via ProQuest Broadway Hale Stores Neiman Marcus Agree In Principle to Merge Transaction Valued at 39 Million Terms Call for Broadway Hale To Issue Convertible Preferred The Wall Street Journal October 24 1968 p 11 Neiman Marcus Co and Broadway Hale Stores Inc have agreed in principle to a merger of Neiman Marcus into Broadway Hale Neiman Marcus operates specialty stores in Dallas Houston and Fort Worth Alternate Link subscription required via ProQuest Neiman Marcus Holders Vote Merger Into Broadway Hale The Wall Street Journal April 9 1969 p 29 Stockholders of Neiman Marcus Co approved the merger of Neiman Marcus into Broadway Hale Stores Inc Los Angeles at a special meeting Broadway Hale holders approved the merger last November Alternate Link subscription required via ProQuest Broadway Results Peak In 3d Quarter Women s Wear Daily Vol 119 no 105 December 1 1969 p 12 Broadway Hale Stores Inc has acquired Walden Book Co Stamford Conn a national retailer of books a spokesman confirmed Link subscription required via ProQuest Broadway s Parent to Take New Name Los Angeles Times February 12 1974 p c9 But when Broadway Hale Stores Inc directors decided it was time for a change they just looked around the table The Los Angeles firm parent of the Broadway Stores Neiman Marcus Capwell s and other retail operations will be known as Carter Hawley Hale Stores Inc if the shareholders approve The name is taken from its principal executives Edward W Carter board chairman Philip M Hawley president and Prentis C Hale chairman of the executive committee Operating divisions will retain their present names The company said Broadway Hale was too often confused with the Broadway Stores retailing unit Alternate Link subscription required via ProQuest a b Gottschalk Earl C Jr April 12 1984 Carter Hawley Chief Finds Firm Is Target Of Takeover After Own 70s Buying Binge The Wall Street Journal Eastern ed p 1 In the past few years Carter Hawley has also lost market share In California because of a retailing invasion by R H Macy amp Co and Nordstrom retailers says God gave them California and they blew it says Monroe H Greenstein retailing analyst at Bear Stearns amp Co Mr Hawley s personality is at the heart of the company s operations and that seems to be a mixed blessing In 1972 he was appointed president of Broadway Hale Stores Inc Three years later the company changed its name to Carter Hawley Hale Stores Inc provoking some gripes that Edward W Carter chairman and Mr Hawley were on an ego trip In 1977 Mr Hawley was named chief executive officer replacing Mr Carter Last year when Mr Carter retired Mr Hawley became chairman Alternate Link subscription required via ProQuest Getze John January 6 1977 Hawley Named Chief of Broadway Stores Parent Los Angeles Times p D10 Philip M Hawley Wednesday was elected chief executive officer of Carter Hawley Hale Stores Inc the nation s seventh largest department store chain Hawley 51 has been president of the Los Angeles based company since 1972 He joined the firm in 1958 and became president of the Broadway Slores division in 1968 Hawley who will assume his new responsibilities Feb 1 succeeds Edward W Carter the company s 65 year old chairman of the board in the post of chief executive Carter will remain chairman and continue to be active in the firm s management Carter has been chief executive since 1946 when the company consisted of three Broadway department stores Alternate Link subscription required via ProQuest Broadway Hale Stores Allowed by FTC to Buy Bergdorf Goodman Co Panel Agrees New York Retailer Likely Would Close Without Merger for Lack of Funding The Wall Street Journal April 14 1972 p 30 The Federal Trade Commission approved Broadway Hale Stores Inc s proposed acquisition of Bergdort Goodman Co a New York fashion store Broadway Hale a Los Angeles based chain of department stores is required by a previous agreement with the commission to obtain FTC approval for such acquisitions The FTC said its approval was based largely on the companies contention that the Bergdorf store on New York s Fifth Avenue probably would have to be closed unless the acquisition was allowed The FTC said Broadway Hale argued that massive financing needed to expand the store probably wouldn t have been available to Bergdorf because of its unstable financial condition Alternate Link subscription required via ProQuest Sloane Leonard March 25 1971 West Coast Chain To Buy Bergdorf s Bergdorf Goodman to Be Bought by Broadway Hale Stores a West Coast Chain The New York Times p 1 Bergdorf Goodman the Fifth Avenue specialty store has signed an agreement in principle to be acquired by Broadway Hale Stores Inc the largestdepartment store organization in the West and one of the 50 largest retailers in the United States Presently Broadway Hale operates 29 full line department stores called Broadway in southern California Arizona and Nevada It also owns the 13 Weinstock stores in Northern California and Nevada 14 Emporium and Capwell stores in San Francisco and Oakland four Neiman Marcus stores in Texas Sunset House a leading mail order business and the Walden Book Company which has stores in 44 states Alternate Link subscription required via ProQuest Broadway Hale to Acquire 19 Store Canadian Retailer Los Angeles Times December 22 1971 p d13 Broadway Hale Stores Inc of Los Angeles reported Tuesday that it has agreed to purchase Holt Renfrew amp Co Ltd a 19 store Canadian fashion retailing chain from a subsidiary of CIT Financial Corp Canadian Acceptance Corp Ltd a unit of New York based CIT Alternate Link subscription required via ProQuest Wiener Leonard February 2 1978 Carter Hawley raises its bid to buy Fields Chicago Tribune p C6 Carter Hawley Hale Stores Inc announced plans Wednesday to take its Marshall Field amp Co takeover offer directly to Fields shareholders The management and directors of Fields have been fighting an attempt by Carter Hawley to force merger negotiations That is why Carter Hawley has begun the process to bypass Field executives and make a 378 million public offer to buy any or all shares of Fields Fields has stores in Cleveland and the Pacific Northwest in addition to Chicago Alternate Link subscription required via ProQuest Auerbach Alexander February 2 1978 Carter Hawley Hale Will Push Field Bid Planned Tender Offer May Total 380 Million Los Angeles Times p e12 Carter Hawley Hale Stores Inc Los Angeles Wednesday announced plans or a tender offer for the stock of Marshall Field amp Co Chicago At current prices the offer could be worth a total of 380 million Field s officers and directors unanimously rejected an informal merger proposal by Carter Hawley Hale last month Alternate Link subscription required via ProQuest Wiener Leonard February 23 1978 Business Carter Hawley withdraws bid for Fields Bid to control Fields dropped Chicago Tribune p c7 Carter Hawley Hale Stores Inc Wednesday dropped its attempt to take over Marshall Field amp Co Carter Hawley based in Los Angeles operates department stores across the country and has been publicly courting Fields since December Other big retailing chains also have been reported interested in Fields a retailer with a well regarded name but one that only recently has begun to overcome past management and financial problems Alternate Link subscription required via ProQuest Auerbach Alexander February 23 1978 Carter Hawley Hale Drops Bid for Field Offer No Longer Makes Economic Sense to L A Firm Los Angeles Times p d13 Carter Hawley Hale Stores Inc Los Angeles Wednesday said it is withdrawing its proposed offer to acquire Marshall Field amp Co Chicago because the hotly contested bid no longer makes economic sense The action ended a four month effort by Carter Hawley to acquire the reluctant Field Despite an offer of twice its market price the Chicago firm escaped by throwing up a curtain of lawsuits and transforming itself into a company no longer attractive to its pursuer Alternate Link subscription required via ProQuest Wanamaker Takeover The Washington Post March 10 1978 p B8 Carter Hawley Hales Stores Inc has reached an agreement in principle to acquire the 15 store John Wanamaker department store chain for 12 6 million in cash and 12 million shares of Carter Hawley Hale common stock worth about 65 million Wanamaker has stores in the Philadelphia New York and Wilmington areas Alternate Link subscription required via ProQuest Auerbach Alexander March 9 1978 Carter Hawley Hale Will Buy J Wanamaker Broadway s Parent to Pay About 45 Million for Philadelphia Chain Los Angeles Times p d13 Carter Hawley Hale Stores Inc Los Angeles Wednesday announced that it will acquire John Wanamaker a Philadelphia based department store chain for about 45 million in cash and common stock Alternate Link subscription required via ProQuest Knight Jerry June 20 1978 Thalhimer s Acquired by Carter Hawley The Washington Post pp E1 E2 Carter Hawley Hales Stores Inc the big retailer that has been on a shopping spree for department stores yesterday agreed to acquire Thalnimer Brothers of Richmond for stock worth 70 million Alternate Link subscription required via ProQuest Carter Hawley Acquisition The Wall Street Journal May 17 1979 p 14 Carter Hawley Hale Stores Inc said it acquired the outstanding stock of Contempo Casuals a retailer of women s sportswear in a private cash transaction Alternate Link subscription required via ProQuest Merge Emporium Capwell Divisions WWD Vol 140 no 36 February 21 1980 pp 1 2 The Emporium and H C Capwell divisions of Carter Hawley Hale have been combined into a single division Emporium Capwell with a single management team Hawley noted the two divisions now operating as one will be able to make a stronger impact in use of media and customers now will have charge accounts in 18 stores Link subscription required via ProQuest California Carter Hawley Hale will link two Northern California chains Los Angeles Times February 21 1980 p f2 effective May 1 its Emporium and Capwell divisions will combine their operations and management in the San Francisco Oakland areas The 12 Emporiums and six Capwell s all will be known as Emporium Capwell Alternate Link subscription required via ProQuest Carter Hawley to Sell Assets of Sunset House Unit Los Angeles Times November 11 1980 p e2 In a move that signals the new strategy of Carter Hawley Hale Stores Inc to go after the affluent consumer the Los Angeles based retailer announced Monday that it has made arrangements to sell the assets of its Sunset House division to a group of private investors The sale price for Sunset House a specialized retailer which has a nationwide gifts and novelties mail order business and 42 stores in the Southwest was not disclosed nor were the names of the investors Alternate Link subscription required via ProQuest Carter Hawley Hale to Sell Unit s Assets The New York Times Late East Coast ed November 11 1980 p D 4 Carter Hawley Hale Stores Inc of Los Angeles a nationwide operator of department and specialty stores that include such units as Neiman Marcus and Bergdorf Goodman announced yesterday that it has made arrangements to sell the assets of its Sunset House division a specialty merchandise operation based in Los Angeles Carter Hawley Hale did not disclose to whom it was selling the assets Nor did it disclose how much money was involved in the sale which is expected to be made final during the current fiscal year which ends on the Saturday closest to Jan 31 But the company did say that the sale of the assets was expected to produce a slight gain over their book value A spokesman said the sale reflected the fact that Sunset no longer fits our corporate retailing strategy Sunset House conducts a nationwide mail order gift and novelty business from its Los Angeles headquarters It also operates shopping center mall specialty shops that sell gifts and accessories for the home The unit acquired by Carter Hawley Hale in 1968 includes 42 stores with a total floor space of 100 000 square feet Alternate Link subscription required via ProQuest N Y Firm to Buy Portion of Sunset House Los Angeles Times January 8 1981 p f2 Unit Buying Service Co Inc a catalogue mail order merchandiser disclosed Wednesday that it has agreed to purchase the mail order portion of Sunset House Corp a wholly owned subsidiary of Carter Hawley Hale Stores Inc Los Angeles A spokesman for the Hicksville N Y based retailer said the company will pay between 3 5 million and 5 million for the trademark and trade names Sunset House and Beauty Showcase the complete customer mailing list and certain outlets located in the Southwest Carter Hawley Hale would not comment on the fate of the stores or on the agreement Carter Hawley Hale purchased the Sunset House unit in 1968 but put it up for sale last year saying itno longer fit into the chain s corporate strategy Alternate Link subscription required via ProQuest Barmash Isadore April 3 1984 Carter Hawley Bid By Limited The New York Times Groves Martha November 26 1986 Carter Hawley Hale Again Targeted in Takeover Bid Los Angeles Times Barmash Isadore July 24 1984 K Mart to Acquire Waldenbooks The New York Times Rivera Nancy February 19 1986 Carter Hawley to Sell Its 15 Store Unit in Canada Los Angeles Times Dunn Brian February 19 1986 Weston To Buy Holt Renfrew Montreal Gazette pp F 1 Groves Martha November 5 1986 Wanamaker Will Be Sold by Carter Hawley Analysts Estimate Value of Deal at 180 Million Los Angeles Times Yoshihara Nancy December 9 1986 Carter Hawley Hale Splits Up General Cinema the Winner in Split Up of Carter Hawley Los Angeles Times Silverstein Stuart October 10 1990 Carter Hawley Posts Loss of 26 Million Will Cut Staff Los Angeles Times a b Silverstein Stuart February 11 1991 Carter Hawley Files for Chapter 11 Retailing The Los Angeles based company s stores will remain open while it seeks to reorganize Los Angeles Times Among the hardest hit by Carter Hawley s bankruptcy court filing could be many of its 29 000 employees particularly about 14 000 who have participated in the company s 401 k savings plan The plan designed both to augment employees pension benefits and to strengthen the company s takeover defenses holds 45 of Carter Hawley s stock Stevenson Richard W February 12 1991 Chapter 11 For Carter Hawley The New York Times White George July 8 1992 Carter Hawley Hale Files Reorganization Plan Retailing Broadway s parent company moves to eliminate debt and emerge from bankruptcy protection Los Angeles Times Adelson Andrea October 10 1992 Retirement Set at Carter Hawley Hale The New York Times Philip M Hawley chairman and chief executive of Carter Hawley Hale Stores Inc said today that he would retire from the department store chain on Jan 31 Carter Hawley Hale based in Los Angeles is the West s biggest retailer with 87 department stores The company emerged this week from bankruptcy protection with lower overhead costs mostly as a result of a debt for equity swap with the Zell Chilmark Fund of Chicago Knudson Max B September 10 1992 Mervyn s Chain Will Buy 2 Stores From Weinstocks Deseret News Dillard Department Stores to Open Shop at Fashion Place Deseret News March 25 1993 Knudson Max B June 16 1994 Ogden Zcmi to Move Across Street In Mall Deseret News White George February 10 1993 CEO Named at Carter Hawley Hale Retailing The Broadway s parent firm chooses a successor to Philip Hawley to oversee a hoped for turnaround Los Angeles Times White George June 17 1994 Broadway s Make Over New CEO Remodels Stores and the Corporate Culture Los Angeles Times Carter Hawley operates 52 Broadway 22 Emporium and nine Weinstocks stores in five states Retailing Los Angeles Times June 18 1994 Schmeltzer John August 8 1995 Zell Can t Make A Hit Out Of Broadway Stores Lending Firms Cut Off 82 unit Chain In West Stock Price Plummets Chicago Tribune Bankruptcy Fears Take Big Toll On Broadway Stores Shares The New York Times August 8 1995 Federated to Buy Broadway Stores For 1 6 Billion The New York Times August 15 1995 White George amp Silverstein Stuart August 15 1995 Federated Stores to Buy Broadway in 373 Million Deal Retail Merger would erase the Broadway name from Southland scene likely spur closures layoffs Many sites would be converted to Bullock s Macy s Bloomingdale s Los Angeles Times Broadway Stores operates 52 stores under The Broadway name 41 of them in California and the rest in Nevada Arizona New Mexico and Colorado The company also operates 21 Emporium and eight Weinstocks stores in Northern California Broadway Stores also operates a Weinstocks store in Nevada White George amp Apodaca Patrice October 13 1995 All Bullock s Stores to Be Converted to Macy s Los Angeles Times Federated executives disclosed their plans to The Times one day after the company completed its acquisition of Los Angeles based Broadway Stores Inc Federated had already announced that it will drop the Broadway name White George November 18 1995 Broadway to Convert 40 in Store Chain to Macy s Retailing New owner Federated also plans to sell nine sites to Sears and seeks buyers for 10 more facing closure in early 1996 Los Angeles Times Callender Ealena February 16 1996 Going Upscale Beverly Center Broadway Will Become Bloomingdale s Los Angeles Times Nolte Carl September 24 2006 Westfield San Francisco Centre Queen of Market Street is all dressed up ready for grand debut San Francisco Chronicle Pettera Angela March 15 2001 Mastro s to Serve Steaks at Former Chasen s Site Los Angeles Times 12 000 000 Dept Store Merger Closed On Coast Gapwell s Of Oakland Cal And Emporium Of San Francisco Combined As H C Capwell Department Stores Co Effective June 1 To Erect Oakland Building Containing Almost 12 Acres Of Floor Space Women s Wear Daily Vol 34 no 63 March 17 1927 p 1 Announcement made in Oakland by H C Capwell and here by the executive board of the Emporium Co reveal the merger of the H C Capwell organization of Oakland and the Emporium of San Francisco involving 12 000 000 The original Emporium was opened in May 1896 on a cooperative plan whereby each department was operated by a different owner In July 1897 the present Emporium was organized as a single corporation under the leadership of F W Dohrmann Link subscription required via ProQuest Emporium Corporation The Wall Street Journal October 10 1927 p 5 A B C Dohrmann president of Emporium Corp announces the formation of Emporium Capwell Co to hold common stock of Emporium Corp capital stock of H C Capwell Co of Oakland stock of realty subsidiaries formed or to be formed and stock of The Eighth Street Store Alternate Link subscription required via ProQuest Monks Robert A G amp Minow Nell 2008 Corporate Governance 4 ed John Wiley amp Sons pp 503 513 ISBN 9781405171069 OCLC 124075003 Retrieved from https en wikipedia org w index php title Broadway Stores amp oldid 1128198182, wikipedia, wiki, book, books, library,

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