Abraham & Straus

Two years later, in 1988, he went after something even bigger, Federated Department Stores, which was the parent company behind Bloomingdale's, Rich's in Atlanta, and Abram and Strauss in New York.

Interestingly, Abraham and Strauss had originally been built by the same Strauss family that owned Macy's, brothers Isidore and Nathan Strauss.

They ran both stores as competitors within the same family for years before eventually dividing the business between separate branches.

Both of Campo's acquisitions, of allied stores and of federated department stores, were financed almost entirely with borrowed money, structured as leveraged buyouts, a strategy that worked beautifully as long as the underlying business could generate enough cash to service the debt piled on top of it.

It became the largest retailing bankruptcy in United States history at the time.

It affected 258 stores and roughly 100,000 employees across all those chains mentioned earlier.

Bloomingdale's, Rich's, Jordan Marsh, and Abraham and Strauss, and many more.

The collapse landed in the middle of a much larger reckoning already underway on Wall Street.

We're send them an invoice.

What's happening at Abraham & Straus?

Let me, I, let me look.

[laughs]

Good evening, everybody.

This is Frank Messer on the New York Yankee pregame show, sponsored by Abraham & Straus and Blue Cross and Blue Shield of Greater New York.

And we're speaking to you tonight from Royals Stadium in Kansas City, where in just a few minutes the New York Yankees open a two-game series against the Kansas City Royals.

I'm sure that most of our listeners know by now the Yankees will be under a new manager, Billy Martin having resigned as manager of the New York Yankees this afternoon.

I'll have that story from the president of the New York Yankees, Al Rosen, when I come back in just one minute.

The men at the Men's Store of Abraham & Straus have a question to ask all you Yankee fans.

When you hear the name Lee, what do you think of? Jeans, right? Well, that's close.

Lee used to mean jeans, but today Lee means a lot more.

Dick Howser is the manager for tonight's game.

The pregame show has been s- sponsored by Blue Cross and Blue Shield of Greater New York and by Abraham & Straus.

I'm Frank Messer.

Now stay tuned for New York Yankee baseball.

Good evening, everybody.

This is Frank Messer on the New York Yankee pregame show, sponsored by Abraham & Straus and Blue Cross and Blue Shield of Greater New York.

We're talking to you from Kansas City, where the Yankees open a three-game series against the KC Royals tonight.

It's been raining and very blustery and windy out here in Kansas City most of the day, but as we talk to you just before the ballgame, things look a lot better, and I'm sure tonight's game will be played.

You'll be hearing Fran Healy on Yankee radio broadcasts.

From now on, he'll be joining Phil Rizzuto, Bill White, and me right here in the broadcast booth, and I know that the things that he passes along to you will certainly be interesting.

The pregame show has been sponsored by Abraham & Straus and Blue Cross and Blue Shield of Greater New York.

Happy birthday, Yogi.

Good evening, everybody.

This is Frank Musser on the New York Yankee pregame show sponsored by Abraham & Straus and Blue Cross and Blue Shield of Greater New York.

And tonight is game number three of this three-game series with the Toronto Blue Jays and another game the Yankees must win.

In fact, I think we'll have to say that every night and every afternoon right on through Sunday.

Okay, Dick.

Thanks a lot for talking with us.

The pregame show is sponsored by Blue Cross and Blue Shield of Greater New York and Abraham & Straus.

Dick Howser, the best of luck down at Florida State, but not until after the playoffs and the World Series.