Hooker Corp. Plans Sale of Bonwit Teller, Sakowitz

L. J. Hooker Corp., which recently failed to find a buyer for its B. Altman & Co. department store chain, today announced it has decided to sell two more retailers, Bonwit Teller and Sakowitz.

The proposed sale of Bonwit Teller reverses Hooker’s previous plan to retain the century-old 16-store chain.

But Hooker, which is operating under bankruptcy law protection from creditors, has now determined that it would be best to seek buyers for New York-based Bonwit Teller and Sakowitz, a specialty retailer based in Houston.

Sanford C. Sigoloff, chief executive of Hooker, said that while the Bonwit Teller and Sakowitz operations have been doing better, Hooker management feels that the best way to maximize returns is through a sale.

“A sale is also clearly in the best interest of both Bonwit Teller and Sakowitz,” Sigoloff said in a news release.

He said Bonwit Teller would be a more attractive property to potential buyers than Altman was. The sale of Bonwit Teller and Sakowitz, in which Hooker holds a controlling interest, should be completed in “a relatively short period of time,” he said.

Financo Inc., a New York-based investment banking firm that specializes in retail transactions, has been retained to handle the sales for Hooker.

Gilbert W. Harrison, Financo’s chairman, said information about Bonwit and Sakowitz would be available for prospective bidders within two weeks.

“We have received numerous inquiries concerning the possible sale of both Bonwit Teller and Sakowitz,” he said.

Robert Sakowitz, the chain’s president, has indicated he would lead a group of investors in making a bid for the company.

A Hooker spokeswoman, Amy Goldberg, said the company hasn’t disclosed how much it is seeking for the two chains.

L. J. Hooker filed for Chapter 11 protection under the federal bankruptcy code in August after its financially distressed Australian parent company Hooker Corp. was turned over to a provisional liquidator.