Word: real
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Dates: during 1980-1989
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...stores were run by the Altman Foundation, which gave $500,000 of the firm's profits to charities each year. Four years ago, the foundation sold Altman's to B.A. Realty Associates for a price estimated at more than $100 million. The investors then sold the chain, without the real estate, to two accountants, Anthony Conti and Philip Semprevivo, who quickly cut costs and revived the store's merchandising by turning over some departments to savvy outside retailers like toy seller F.A.O. Schwarz. After losing $17 million in 1985, Altman's earned a $3.5 million profit the following year...
...surprised to see B. Altman die. "With so many choice properties on the market, like Bloomingdale's and Saks Fifth Avenue, who would want Altman's? I hate to say the store was old, but it was outmoded." KMO Realty Partners, which now owns Altman's real estate, controls the rights to the store's name. KMO will probably try to make some use of it, perhaps selling it to an apparel maker or retailer, but the B. Altman name will probably never grace another department store...
...Toronto Tycoon. A former shop foreman who became one of Canada's top real estate developers, Robert Campeau in 1986 went on a U.S. shopping spree. Campeau, 66, paid $3.6 billion for Allied Stores and won Federated Department Stores for $6.6 billion in a celebrated 1988 battle with R.H. Macy & Co. But the takeovers left Campeau, who had little experience in U.S. retailing, sorely overextended. His attempt to raise cash by selling off several chain stores brought disappointing proceeds, and then the women's apparel trade went into a slump...
...will no doubt carry on in the 1990s, such deals are apt to be less grandiose and more carefully wrought than the quick-buck transactions that are currently coming to grief. Says J. Ira Harris, a Chicago-based senior partner of Lazard Freres: "These are only midterm grades. The real grades arrive when you have an old-fashioned recession and see who survives." When that report card is in, more raiders are likely to flunk the game they touted so highly: survival of the fittest...
...Seldom in recent times has a regime cared so little for the real attitudes of outwardly loyal citizens or for the sincerity of their statements...