P.M. BRIEFING : Strapped B. Altman Joins Flock of Other Retail Stores Put Up for Sale

The venerable department store chain B. Altman & Co., whose Australian owner filed for bankruptcy protection in August, is joining a host of other well-known retailers on the auction block, the Australian company said today.

Hooker Corp. of Australia’s U.S. subsidiary, L. J. Hooker Corp., which also owns the upscale Bonwit Teller chain, said it hopes for a “quick sale” of its seven Altman stores. The department stores are in New York, New Jersey, Pennsylvania and Ohio.

The Altman chain is the latest among the nation’s best-known department stores to put up the “For Sale” sign, although industry analysts do not expect it to bring top dollar.

Altman’s will have to compete to attract buyers with retailing stars like Campeau Corp.’s Bloomingdale’s, as well as Saks Fifth Avenue and Marshall Field, whose British owner BAT Industries is unloading them as part of an attempt to avoid a takeover from Sir James Goldsmith.

Suppliers of both the Altman and Bonwit Teller chains had slowed sales to the stores as Hooker sank deeper into debt.

Hooker arranged a $50-million line of credit in August with General Electric Co.’s GE Capital subsidiary and was forced to pay in advance for goods.