It's Splitsville At Melville
AN INVESTOR FAVORITE IT'S NOT: Melville, its shares down 35% in three years, has become a regular target of angry shareholder groups. On Oct. 24, the retailing giant finally opted to appease Wall Street by taking itself apart at the seams. Melville, which a week earlier said it would sell its Marshalls chain to rival TJX, will split into three separate companies. One, headed by Melville Chief Executive Stanley Goldstein, will consist of its CVS and Linens 'n Things chains; two other spin-offs, set to be complete by the end of 1996, will center around its Thom McAnn shoe business and Kay-Bee toy shops. Investors were none too impressed, sending Melville shares down 7%.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- In One Tweet, Kylie Jenner Wiped Out $1.3 Billion of Snap's Market Value
- The Two Words That Will Help Get an Airline Upgrade Over the Phone
- Apple Plans Upgrades to Popular AirPods Headphones
- U.S. Stocks Rise With Treasuries as Dollar Slips: Markets Wrap
- Los Angeles Cracks Down on Out-of-Control Hollywood Party Houses