Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Pacific Enterprises Is Planning A Sale


In Business This Week

PACIFIC ENTERPRISES IS PLANNING A SALE

Pacific Enterprises has decided that natural gas and Nikes don't mix. In a thoroughgoing strategic shift, the Los Angeles-based company, a major gas supplier, is jettisoning much of its loss-plagued retailing operation, including its Big 5 sporting good stores and four other chains. It also plans to sell its oil and gas wells. As a result of those moves, the company has taken a $250 million charge against 1991 earnings, leading to a loss of $191 million.

The Feb. 4 announcement spooked the market and the rating agencies. Moody's and Standard & Poor's downgraded the company's debt, and its stock on Feb. 5 fell 6, to 18 7/8.EDITED BY HARRIS COLLINGWOOD


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus