Business Services Industry
Long-sluggish Waxman stock enjoys big bounce. (Waxman Industries Inc.)
Crain's Cleveland Business, May, 1996 by Baird, Kristen
After going to the brink of financial disaster, Waxman Industries Inc. has gotten a new lease on life and investors are driving up the price of its stock for the first time in years. The signing of a new debt financing deal last month, coupled with the successful initial public offering of Waxman's Barnett Inc.
subsidiary, has given the home remodeling supplier a fresh start, said Lawrence C. Petrucci, an analyst who follows Waxman for the investment banking firm First Albany Corp. in Pittsburgh. "I would not have been a betting man on them (Waxman) outside of a bankruptcy or a restructuring," Mr. Petrucci said. Those who did bet on Waxman have been rewarded. The beneficiaries include Waxman president Armond Waxman and a handful of Wall Street investors who...
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