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Article: CHH selling Thalhimers to May Co. (Carter Hawley Hale Stores Inc. to sell Thalhimer Brothers Inc. department store chain to May Department Stores Co.)
- Article from:
- WWD
- Article date:
- October 10, 1990
- Author:
CopyrightCOPYRIGHT 1990 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHH SELLING THALHIMERS TO MAY CO.
NEW YORK (FNS) - Carter Hawley Hale Stores, which has been foundering in red ink, has agreed to sell its Thalhimers chain to May Department Stores Co. for $325 million. Another $15 million is expected after closing adjustments.
Thalhimers, based in Richmond, Va., is one of CHH's best divisions, with sales last year of about $456 million. Free cash flow is reportedly about $38 million, although the company would not confirm that figure.
The announcement gave a substantial boost to sharply depressed CHH junk bonds. CHH senior subordinated notes, which were being quoted in the mid-40s on Monday, shot up to 60 on ...