June 2003
Investment Dealers' Digest;6/16/2003, Vol. 69 Issue 24, p48
Trade Publication
This article presents information about developments related to investment banking in the retail sector of the U.S. Walt Disney Co. said it plans to layoff about 140 employees of its Disney Stores, roughly 20% of overall staff, and will soon choose bankers to help sell the 380-store chain. In preparation for the sole, Disney announced it will shutter up to 100 stores and reorient the stores to cater to more high-end clientele, reflecting increased competition from discount retailers. Layoffs will also hit grocery retailer Safeway Inc., which said it plans to gut its administrative staff by roughly 940 positions, mainly from its California and Arizona corporate offices. Morgan Stanley liquidated its holdings of women's apparel retailer J. Jill Group Inc. last week. According to recent SEC filings, Morgan Stanley liquidated its 7.07% stake, or about 1.38 million shares.


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