Retailer News

WELLS FARGO SELLS ITS BARRY'S STOCK The Wells Fargo Bank of San Francisco in May sold its 1.5 million shares of Barry's common stock (about 37.5% of shares outstanding) to a group of private investors. The largest investor in the group with 24% is Gildea Management Co. of Greenwich, Conn., headed by John Gildea, who invests in companies with big growth potential. The investor group was gathered by First Albany Corp. and the Gordian Group, L.P. Barry's officials say that Gildea won't be involved in the chain's operations. "He looks at this as an investment opportunity that will grow in value," says Robert W. Bridel, president of Barry's. Three years ago when it restructured, Barry's converted debt to 49% of its equity, which was acquired by Wells Fargo and Fidelity Investment Group. Under law, a bank can hold such stock for only three years before selling it. Thomas S. Liston, Bar

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