Group Preparing to Bid $35 Million for Bonwit
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NEW YORK — A group that includes a former Bonwit Teller chief executive plans to bid $35 million to acquire most of the department store chain, a federal bankruptcy court hearing was told Monday.
William Ruben, Bonwit Teller’s president and chief executive for much of the 1980s, is among a team that intends to offer $13 million for 13 stores in the 16-store chain and $22 million for inventory, mostly apparel.
Sheldon Hirshon, an attorney for Bonwit Teller’s parent company, L.J. Hooker Corp., said the group expected to be ready to submit its plan soon, after completing financing and other arrangements.
The investment group also includes Victor Kiam, president and chief executive of the Remington Products Inc. small appliance company.
The Ruben offer would not include Bonwit Teller stores in Cincinnati, Kansas City or Columbia, S.C.
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