Advertisement

RETAILING

Share
From Times Staff and Wire Reports

Carter Hawley Considering Stock Offering: Carter Hawley Hale Stores, parent of the Broadway department store chain, said it is considering issuing more than $100 million in new common stock. The Los Angeles-based retailer did not disclose why it may put new stock on the market. However, the company emerged from Chapter 11 bankruptcy reorganization last year with plans to finance the remodeling of its stores. Currently, 70% of Carter Hawley’s 35 million shares are owned by the Zell/Chilmark Fund, a partnership of Chicago investor Sam Zell. Zell, who rescued Carter Hawley by buying up most of its unsecured debt, was named chairman of Carter Hawley last month.

Advertisement