Random naughty cam - Vornado liquidating trust

Renamed Vornado, Inc., the consolidated company expanded the Vornado line of appliances to more than 50 in under three years, including ranges, freezers, hair dryers, and electronic can openers sold by the Two Guys chain as well as other dealers.Manufacturing operations were contracted out, however, rather than retained by the firm. By the end of 1965 it was the nation's fifth-largest discount chain, with 25 stores in 5 states, stretching from Connecticut to Maryland, and sales in fiscal 1966 (the year ended January 31, 1966) of 7.2 million, with net income of million.When managers from the East took over, they eliminated established California brands in favor of Vornado's own private labels, which were unknown out West.

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Two Guys's units, which included seven company-owned properties, were among the largest in the discount industry, with average store size close to 146,000 square feet.

All but seven included company-operated supermarkets. Food, appliances, and clothing and apparel contributed the most to sales volume, with other items including housewares, home furnishings, shoes, auto accessories, jewelry, cosmetics, toys, and seasonal merchandise.

The next year it suspended manufacturing and began liquidating its inventories to pay off bank notes.

The acquisition provided Two Guys with additional working capital as well as the Vornado line of appliances and an income-tax shelter later challenged by the Internal Revenue Service.

Earlier this year, JBG attempted to merge with New York REIT, but the deal fell through.

Washington Business Journal reported that this was due to shareholders who preferred a liquidation, asset sales, or other more immediate return on their investment.

At the end of 1996 the company owned 57 shopping centers in 7 states.

Vornado was a retailer until 1980, when Steven Roth wrested control of the firm and converted it into a developer of the properties occupied by its Two Guys store chain.

On Monday, New York City-based developer Vornado Realty Trust announced that they plan to spin off and merge their D. area operations with Chevy Chase-based developer, The JBG Companies. The Wall Street Journal further reported that the deal is slated for completion by the second quarter of 2017 with 11.8 million square feet of office space and over 4,400 apartments.

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