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Article: Whither Wieboldt's // How troubled retailer will part the red seas
- Article from:
- Chicago Sun-Times
- Article date:
- March 29, 1987
- Author:
CopyrightCopyright (null) Chicago Sun-Times. (Hide copyright information)
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In the past 10 days, Wieboldt Stores has charted a course that
its managers say will enable the Chicago-based chain to put the cap
on its seemingly bottomless red inkwell and uncap its little-used
black one:
It will operate just four stores.
It will employ just a fraction of its 1986 workforce.
It will pay back unsecured creditors a modest portion of the $22
million it owes them.
It will investigate its 1985 leveraged buyout, hoping to win back in
a lawsuit some of the $37 million paid to shareholders.
It will attempt to regain its niche as a middle-market department
store.
And it will continue to fight the perception among consumers and
the industry that it's on the way out of ...