Word: greenstein
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Robert H. Greenstein...
...ease the burden, Campeau Corp. may be forced to take refuge in bankruptcy. The move would buy the firm time to trim its debt to more tolerable levels. "I think the best bet would be to declare bankruptcy to protect the store franchises," says Monroe Greenstein, an industry analyst at Bear Stearns. The Federated and Allied chains could then operate under bankruptcy protection, which would entitle them to suspend interest payments and pay suppliers more promptly for their goods. But other Campeau watchers reject that strategy. Says Rothschild's Ross: "There is relatively little that can be done in bankruptcy...
...Corp. struggled to raise cash, many stores began to lure customers with flashy sales. Bloomingdale's has marked down its winter merchandise twice, and last week offered spring and summer apparel at discounts of as much as 25%. "You just don't do that at this time of year," Greenstein notes. "You put your summer stuff out, but not on sale...
Jennifer L. Greenstein, Juliet E. Headrick, Suzanne Petren Moritz, Philip M. Rubin and Dhananjai Shivakumar contributed to the reporting of this article...
While B.A.T hired astute managers, the other two investors failed to recognize the industry's finicky and cyclical nature. Says Monroe Greenstein, who follows retailers for Bear, Stearns: "These people are developers and financiers. While they may be savvy about other types of business, they don't have that retail knowledge." The new owners may not have such problems. Among the most probable bidders are Little Rock's Dillard and St. Louis' May stores. In this industry, at least, ownership may shift back to U.S. hands...