Word: street
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Dates: during 1980-1989
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...shoppers streamed through the B. Altman department store in Manhattan last week, many of them looked wistfully at the lush elegance that surrounded them. The Renaissance-style emporium, completed in 1914 and situated across the street from the Empire State Building at 34th Street and Fifth Avenue, boasts crystal chandeliers and parquet floors, lofty ceilings and broad aisles. B. Altman, with its 124-year-old reputation for quality and gentility, is going out of business. Six of Altman's seven stores, situated mostly in New York, Pennsylvania and New Jersey, will be shuttered next month because its current owners were...
...raiders' troubles have hit Wall Street like a line of falling dominoes. Defaults by overburdened borrowers have crippled the junk-bond market, which finances many takeover deals. Only $11 billion of junk bonds were issued for mergers and acquisitions in the first nine months of 1989, in contrast to $26 billion during the same period a year ago. "Investors are becoming more sophisticated and cynical," says Kingman Penniman, a Vermont-based investment adviser. "They are no longer willing to finance every buyer's fantasy of using somebody else's money to leverage and strip a company and get rich...
That is bad news for Wall Street, where buyouts have propped up stock prices and brought in fat advisory fees. Faced with a drop in the number of mergers and acquisitions, which fell 29% during the July-September quarter compared with 1988's third period, major investment firms have announced the layoffs of nearly 2,000 employees in recent months. Particularly sharp cutbacks have come at Shearson Lehman Hutton, which is dismissing 800 of its nearly 37,000 workers and said last week it would reshuffle its top management...
...weary Pickens has abandoned the U.S. takeover field and gone hunting in Japan. But he has been stymied in a drive to win four seats on the board of Koito Manufacturing, a Tokyo auto-parts maker in which he controls a 20% share. Pickens says Koito has hired Wall Street consultants to advise the company on how to keep him at bay. Meanwhile, a federal appeals court in Philadelphia last August reinstated a class-action suit that Phillips Petroleum shareholders brought against Pickens in 1984. The plaintiffs claim that the value of their stock collapsed when Pickens abruptly abandoned...
Financial woes are not the raiders' only big headache. Their past attacks have led U.S. companies to fortify anti-takeover defenses, making it harder for new raids to succeed. And the long Wall Street bull market has raised stock prices, leaving fewer targets for bargain-hunting buccaneers...