Home & Textiles Today Staff -- Home Textiles Today, September 15, 2003
Bon-Ton tops rival's bid for Elder-Beerman
Bidders for 68-unit Elder-Beerman continue to sweeten the pot. The company announced that Bon-Ton Stores has revised upward its acquisition proposal and is now offering $7.25 per share in cash to Elder-Beerman shareholders.
Earlier this week, bidder Wright Holdings boosted its offer to $7.05 per share in cash, a sum that topped Bon-Ton's previous offer of $7.00 per share.
Wright's first offer was $6.00 per share in cash. The investment consortium is led by Elder-Beerman ceo Byron Bergren.
Spiegel looks to shed Newport News
Looking to pare assets as part of its Chapter 11 reorganization, The Spiegel Group has instructed its restructuring advisor, Miller Buckfire Lewis Ying & Co. of New York, to solicit offers for its Newport News subsidiary.
"We will evaluate the level of interest, taking it into consideration as we work to develop a plan of reorganization," said Bill Kosturos, Spiegel's interim ceo and chief restructuring officer.
Kohl's evp/director of stores exits
Kohl's announced that Beryl Buley, executive vp/director of stores, has resigned to pursue other interests. On an interim basis, the store operations group will report to chairman and ceo Larry Montgomery, who has overseen store operations since joining the company in 1988.
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