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
JCK PRO

This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).

SUBSCRIBE TO CONTINUE

Already a JCK Pro? Log in

A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust

Learn about the Perks of JCK Pro

Log Out

Are you sure you want to log out?

CancelLog out