His approach was decentralized: In he appointed Philip M. The landmark structure suffered minor structural damage during the Loma Prieta earthquake and was closed for repairs, but reopened early His approach to expansion was regional.
Carter as vice president in McNaghten quickly converted the ,square-foot facility to Broadway standards and began operating it as the Broadway-Hollywood the same year.
Emporium closed its doors in February and, in March, Sears assumed possession. Earnings, however, were erratic. Low earnings made Carter Hawley vulnerable to a takeover attempt, which is exactly what happened early inwhen Ohio-based retailer The Limited, Inc. In order to determine whether or not an item can be classified as extraordinary, the environment in which the company operates should be considered.
Capwell, forming a new holding company, Emporium-Capwell Co. As we have covered, in the income statement, the classification of the loss due to earthquake damage on October 17, could be reported as an extraordinary item, or included in continuing operations but as a separate component of the income statement.
Promoted to president the following year, he took charge of an outfit not yet at the top of the southern California market. Finally, in my opinion, the loss due to earthquake damage should be best reported as an extraordinary item, net of tax, separate from continuing operations and below discontinuing operations.
The upscale chain was spun off as an independent company in as part of a successful effort to thwart a corporate takeover of Carter Hawley. Hawley, who announced his retirement plans four months ago after 24 years at the helm of Carter Hawley, will remain chairman until the board selects a successor.
All stores had to be within 35 miles or a one-hour drive of a local headquarters that handled buying. Tell us what you need to have done now! With 95, square feet of floor space, the new store contained three stories for selling and a partial basement for service departments.
He convened a six-member corporate planning committee that over a period of 18 months created a plan for the future. McNaghten made his first move toward expansion in March when he acquired the Hollywood store of the B.
It had been a landmark shopping destination for East Bay residents for decades. On February 11,the company sought protection from creditiors under Chapter 11 of the U. With Hawley president, Carter became chief executive officer and Prentis Hale remained chairman of the board.
Dworkin, speaking by telephone from his London home, said "youthful" is an attitude that can be ascribed to shoppers--regardless of age. While Carter and Hawley were pursuing their expansion plans, they continued on the acquisitions trail.
R In the first six months of its fiscal year, Carter Hawley Hale reported a slight decrease from the previous year, although revenues began to recover toward the end of the period. Then inthrough the efforts of Frederick W. The purpose of this memo is to point out the different methods to report the earthquake loss and explain which will be the best method to use and why.
In the company was in reorganization under Chapter 11 of the U. In the years after World War II, as the population of the Bay Area increased tremendously and spread out far beyond the urban cores of Oakland and San Francisco, several suburban branches of The Emporium were opened in newly developed shopping malls, mainly in San MateoMarinSolano, Sonoma and Santa Clara counties.
He said he plans to help the company eschew the stodgy image some have ascribed to the Broadway stores. Circumstances continued to deteriorate in the winter months. In MayCarter announced a huge new expansion plan. He began his retail career at Lipman Wolfe Co.
Despite the corporate changes, expansion continued as planned. Hawley again rejected the takeover bid.From toMs. Bass was President and Chief Executive Officer of the Emporium Weinstock's division of Carter Hawley Hale Stores, Inc., a department store chain. From to approximatelyMs.
Bass served as President of the Gerson Bakar Founda. The Emporium division of Carter Hawley Hale Stores (CHHS) suffered extensive damage due to the richter scale earthquake that hit the San Francisco Bay Area on October 17, The uninsured total cost of the damage was $ million ($ million after tax benefits).
Feb 11, · Broadway Stores, Inc., was an American retailer based in Southern California. Known through its history as Carter Hawley Hale Stores and Broadway Hale Stores over time, it acquired other retail store chains in regions outside its California home base and became in certain retail sectors a regional and national retailer in the s and s.
May 11, · Carter Hawley Hale Stores Inc. said today that David Folkman will step down as president and chief executive officer of Emporium Capwell, its northern California chain of. InCarter-Hawley-Hale, the Emporium’s corporate parent, moved its executives to Los Angeles.
Inthe chain, including Broadway and Weinstock’s, became Broadway Stores Inc., an RETAILING MEGA-MERGER: Broadway Stores' Convoluted History. August 15, | KELLY DAVID. The company is renamed Carter Hawley Hale Stores. December, Carter Hawley sells its Thalhimers division to May Department Stores for $ million.
January, Carter Hawley announces a plan to sell its credit card division, but the deal.Download