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For week ended October 17, 1999 Posted 17 Oct 1999

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Is ZCMI purchase near? Rumors keep on swirling

Summarized by Kent Larsen

Is ZCMI purchase near? Rumors keep on swirling
Deseret News 12Oct99 B3
By Max B. Knudson and Jenifer K. Nii: Deseret News staff writers

Rumors that LDS Church-owned ZCMI will be sold have persisted and company officials have continued to say that the rumors are 'speculation.' However, Richard H. Madsen , ZCMI's chairman, president and chief executive officer, does say that the company is trying to decide what to do, "It's the same thing that's been going on for several months. As we've said before, we're currently studying all of our alternatives."

The latest rumors, which surfaced on Tuesday, indicated that ZCMI will be sold to The May Department Store Co., a 400-store chain that currently has no presence in Utah. May operates a number of East Coast chains, including Lord and Taylor, and Hechts. The rumor also said that the sale will close by the end of the year. A purchase of ZCMI would add 14 stores to May. May spokeswoman Rhonda West declined to comment on the rumor.

Madsen told shareholders last May that ZCMI's most recent results were "not acceptable." The company reported a loss of $9 million in fiscal 1998, and its management has been working to restore the chain to profitability.

Copyright 1998, 1999, 2000, 2001 Kent Larsen · Privacy Information