Retail Industry
Industry: Email Alert RSS Feed50-Off set to buy back securities - 50-Off Stores Inc - Apparel
Discount Store News, March 4, 1991
50-Off Set to Buy Back Securities
SAN ANTONIO, Texas -- 50-Off Stores, Inc., reported that it has reached an agreement today with Caribbean Marine, Inc., the company's preferred stockholder and a principal holder of its Common Stock, to repurchase all of Caribbean Marine's equity securities in the company. The repurchase transaction is scheduled for February 22.
Caribbean Marine currently holds 300,000 shares of 50-Off's Series A 12% Cumulative Convertible Common Stock, and holds an additional 262,943 shares of Common Stock. Caribbean Marine has agreed to convert its Preferred Stock and to then sell all of its shares of Common Stock to 50-Off in a transaction valued at approximately $5,356,000.
Most RecentRetail Articles
According to 50-Off, funds for the transaction were raised by a concurrent private placement of 50-Off's Common Stock to nine institutional investors. Johnson Rice & Co. of New Orleans acted as placement agent for 50-Off.
Guy U. Griffeth and Thomas Pauken, affiliates of Caribbean Marine and currently on 50-Off's Board of Directors, will resign their Board positions.
- 5 Rules for Immediate Annuities
- Death in the Family: 12 Things to Do Now
- Dumbest Things You Do With Your Money
- 6 Online Networking Mistakes to Avoid
- 401(k) Mistakes to Avoid
- 5 Economic Scenarios to Keep You Up at Night
- The Real ‘Best Places to Retire’
- Best Credit Cards for You
- 12 Tough Questions to Ask Your Parents
- The Real ‘Best Colleges’
- Home Buyer Tax Credit: How to Cash In
- Why You Shouldn't Bash Cash
- 8 Phony 'Bargains' and Better Alternatives
- Danger: 3 Debit Card Scams to Avoid
- 6 Myths About Gas Mileage
- 29 Fees We Hate Most
- Quick and Easy Ways to Boost Returns
- Best Stocks to Buy Now
- Lower Your Taxes: 10 Moves to Make Now
- New Jobs: 8 Lessons from Real-Life Career Switchers
- The New Job Market: Who Wins and Who Loses?
- Health Care Reform's Public Option: Everything You Need to Know
- Volunteer Work When Unemployed: Should You Work for Free?
- Whose Recovery Is This?
- Long-Term-Care Insurance: 4 Biggest Risks to Avoid
Content provided in partnership with
Most Recent Business Articles
- CORRECTION FROM SOURCE/Media Advisory: Fallen Canadian Soldiers and Journalist Return Home
- Fox Networks Group and Bright House Networks Strike Comprehensive Deal to Distribute Fox Broadcast Stations, National Cable and Regional Sports Networks
- Fox Networks Group and Time Warner Cable Strike Comprehensive Deal to Distribute Fox Broadcast Stations, National Cable and Regional Sports Networks
- Houston Radio D.J. Kevin Kline Completes 500-Mile, 13-Day Ultramarathon Across Texas for Kids with Cancer
- Seaspan Corporation Provides Information on the CSCL Hamburg
Most Recent Business Publications
Most Popular Business Articles
- 7 tips for effective listening: productive listening does not occur naturally. It requires hard work and practice - Back To Basics - effective listening is a crucial skill for internal auditors
- FAS 109: a primer for non-accountants - Financial Accounting Standards Board's "Statement 109: Accounting for Income Taxes"
- LIFO vs. FIFO: a return to the basics
- Using object-oriented analysis and design over traditional structured analysis and design
- Design a commission plan that drives sales - Sales Commissions
