October 1, 1987
Business Brief: Allied Stores Corp.
The Wall Street JournalBusiness Brief: Allied Stores Corp.
Tribeca Holdings Inc. said it completed the purchase of Plymouth Shops, a New York apparel chain, from Allied Stores Corp.
Tribeca plans to merge it with M.H. Lamston, the New York variety store chain it acquired last year.
The new company, to be known as Plymouth Lamston Stores Corp., will consist of 78 location with projected 1987 sales exceeding $125 Million.
Tribeca, a closely held investment firm founded in 1984, acquired Lamston's 29 stores last year and plans to renovate 18 of the stores beginning in January. Sales for the Lamston stores were $53.7 million in 1986. Plymouth, which operates 50 stores in New York and Washington, D.C. has sales of $61.6 million in 1986.
Tribeca also said it borrowed $125 million from Acquisition Funding Corp., a unit of General Electric Co.'s General Electric Credit Corp. It will use the capital to finance the estimated $70 million Plymouth acquisition, retire Lamston's debt and fund expansion.
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