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Broadway Stores
Broadway Stores, Inc., was an American Holding company of department stores 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 1970s and 1980s. The company was able to survive takeover attempts in 1984 and 1986, and also a Chapter 11 bankruptcy filing in 1991 by selling off most of its assets until August 1995 when its banks refused to advance enough additional credit in order for the company to be able to pay off suppliers. At that point, the company sold itself to Federated Department Stores for $1.6 billion (~$3 billion in 2024) with the acquisition being completed on October 12, 1995.
In 1950, as Los Angeles began to grow in population very rapidly and assumed dominance within the state, the fast-growing The Broadway department stores based there negotiated an all-stock merger with Hale Bros. Stores, Inc. Edward W. Carter, president of The Broadway, became the president of Broadway-Hale Stores.
The newly enlarged company began to grow aggressively with its Broadway stores expanding south to San Diego in 1961 and east to Phoenix, Arizona, in 1968. A mail order firm named the Sunset House was also acquired in 1968. In 1970, the company acquired Emporium-Capwell Co., itself the holding company for Emporium in San Francisco (and suburbs) and Capwell's (H.C. Capwell Co.) in Oakland (and suburbs) and keeping their respective names on the stores in the San Francisco Bay Area.
Also in 1969, Broadway-Hale acquired the then 3-unit Neiman Marcus specialty department store, based in Dallas, Texas, and the Walden Book Co. (known more commonly as Waldenbooks) and began to actively grow those businesses, nationwide.
In 1972, Prentis Hale retired as chairman, Edward Carter assumed the chairmanship and Philip M. Hawley (who started as a women's sportswear buyer in 1958) became company president. In 1974, in a news release it states, CHH stated that to reflect the executives' contributions, the corporate parent was adopting the name Carter Hawley Hale Stores, Inc. The new name was a major tongue twister, and stock analysts sometimes called it "Ego, Inc."[citation needed] The Wall Street Journal reported in 1984 that some critics accused Carter and Hawley on being on an "ego trip". In 1977, Carter retired. Hawley was appointed CEO.
The company continued to be an active acquirer, in 1972 acquiring Bergdorf Goodman in New York, and Holt Renfrew of Montreal, Canada. After attempting an ill-fated, unsuccessful hostile takeover of Marshall Field in 1977, the company acquired the venerable but tattered John Wanamaker's of Philadelphia for $60 million (cash) in April 1978. That was followed by a stock swap for Thalhimers of Richmond, Virginia in August 1978. Contempo Casuals was a May 1979, takeover. Emporium and Capwell's were merged to form a unified San Francisco Bay-area presence as Emporium-Capwell in 1980, Weinstock's moved into Utah and Reno, Nevada, and The Broadway stores were split into separate Los Angeles and Phoenix–based divisions as the chain expanded into Colorado, New Mexico and Nevada. Sales increased, but profits did not. The saying on Wall Street was "God gave them Southern California, and they blew it", which The Wall Street Journal had attributed to Monroe H. Greenstein, a retailing analyst at Bear Stearns.
In 1980, CHH decided to get rid of units which catered to the lower economic markets. The first to go was the Sunset House mail order unit which also operated novelty shops in shopping malls. CHH found a buyer that only wanted the mail order unit and the mall stores were closed in 1981.
Faced with continuing poor results, and two hostile takeover attempts by The Limited in 1984 and 1986, the company, still led by Phillip M. Hawley, reacted by first selling Waldenbooks to Kmart in 1984, Holt Renfrew to the Weston Family in April 1986, Wanamaker's to A. Alfred Taubman's Woodward & Lothrop in January 1987 and then splitting off the desirable specialty store business as Neiman-Marcus Group, Inc. (encompassing the Neiman-Marcus, Bergdorf Goodman and Contempo Casuals stores). The company that had rescued Carter Hawley Hale from The Limited takeover-attempts, theater owner/soft-drink bottler-cum-investment company General Cinema (later renamed Harcourt General), assumed majority ownership of Neiman-Marcus Group in 1986 as its reward. Thalhimer's was sold to May Department Stores in December 1990.
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Broadway Stores
Broadway Stores, Inc., was an American Holding company of department stores 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 1970s and 1980s. The company was able to survive takeover attempts in 1984 and 1986, and also a Chapter 11 bankruptcy filing in 1991 by selling off most of its assets until August 1995 when its banks refused to advance enough additional credit in order for the company to be able to pay off suppliers. At that point, the company sold itself to Federated Department Stores for $1.6 billion (~$3 billion in 2024) with the acquisition being completed on October 12, 1995.
In 1950, as Los Angeles began to grow in population very rapidly and assumed dominance within the state, the fast-growing The Broadway department stores based there negotiated an all-stock merger with Hale Bros. Stores, Inc. Edward W. Carter, president of The Broadway, became the president of Broadway-Hale Stores.
The newly enlarged company began to grow aggressively with its Broadway stores expanding south to San Diego in 1961 and east to Phoenix, Arizona, in 1968. A mail order firm named the Sunset House was also acquired in 1968. In 1970, the company acquired Emporium-Capwell Co., itself the holding company for Emporium in San Francisco (and suburbs) and Capwell's (H.C. Capwell Co.) in Oakland (and suburbs) and keeping their respective names on the stores in the San Francisco Bay Area.
Also in 1969, Broadway-Hale acquired the then 3-unit Neiman Marcus specialty department store, based in Dallas, Texas, and the Walden Book Co. (known more commonly as Waldenbooks) and began to actively grow those businesses, nationwide.
In 1972, Prentis Hale retired as chairman, Edward Carter assumed the chairmanship and Philip M. Hawley (who started as a women's sportswear buyer in 1958) became company president. In 1974, in a news release it states, CHH stated that to reflect the executives' contributions, the corporate parent was adopting the name Carter Hawley Hale Stores, Inc. The new name was a major tongue twister, and stock analysts sometimes called it "Ego, Inc."[citation needed] The Wall Street Journal reported in 1984 that some critics accused Carter and Hawley on being on an "ego trip". In 1977, Carter retired. Hawley was appointed CEO.
The company continued to be an active acquirer, in 1972 acquiring Bergdorf Goodman in New York, and Holt Renfrew of Montreal, Canada. After attempting an ill-fated, unsuccessful hostile takeover of Marshall Field in 1977, the company acquired the venerable but tattered John Wanamaker's of Philadelphia for $60 million (cash) in April 1978. That was followed by a stock swap for Thalhimers of Richmond, Virginia in August 1978. Contempo Casuals was a May 1979, takeover. Emporium and Capwell's were merged to form a unified San Francisco Bay-area presence as Emporium-Capwell in 1980, Weinstock's moved into Utah and Reno, Nevada, and The Broadway stores were split into separate Los Angeles and Phoenix–based divisions as the chain expanded into Colorado, New Mexico and Nevada. Sales increased, but profits did not. The saying on Wall Street was "God gave them Southern California, and they blew it", which The Wall Street Journal had attributed to Monroe H. Greenstein, a retailing analyst at Bear Stearns.
In 1980, CHH decided to get rid of units which catered to the lower economic markets. The first to go was the Sunset House mail order unit which also operated novelty shops in shopping malls. CHH found a buyer that only wanted the mail order unit and the mall stores were closed in 1981.
Faced with continuing poor results, and two hostile takeover attempts by The Limited in 1984 and 1986, the company, still led by Phillip M. Hawley, reacted by first selling Waldenbooks to Kmart in 1984, Holt Renfrew to the Weston Family in April 1986, Wanamaker's to A. Alfred Taubman's Woodward & Lothrop in January 1987 and then splitting off the desirable specialty store business as Neiman-Marcus Group, Inc. (encompassing the Neiman-Marcus, Bergdorf Goodman and Contempo Casuals stores). The company that had rescued Carter Hawley Hale from The Limited takeover-attempts, theater owner/soft-drink bottler-cum-investment company General Cinema (later renamed Harcourt General), assumed majority ownership of Neiman-Marcus Group in 1986 as its reward. Thalhimer's was sold to May Department Stores in December 1990.
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