Is L.A. Gear Up For Grabs?
L. A. Gear was once one of Wall Street's highest fliers. Now, ankle-deep in unsold sneakers, the Los Angeles-based company has seen its stock fall from 50 to 12 in the past 12 months.
Things have reached such a pass that controlling shareholder Robert Greenberg is looking for help. He is seeking an outsider to make what the company calls "a substantial minority investment" in L. A. Gear. Greenberg has also hired Merrill Lynch to explore various financial options. L. A. Gear isn't ruling out the possibility of an outright sale of the entire company.