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Sigoloff became known for his "slash-and-burn" strategy of appeasing investors at the expense of employees during restructuring, for which he was dubbed "Ming the
Merciless" and "Mr. Chapter 11." Following his 260-page plan, which employees called the I.B.B. ("Infamous Black Book"), Sigoloff fired
151:
Angels Home
Improvement Centers to add to its Handy Dan unit. Angels' founder, Sidney Kline, was hired as Daylin's chief of mergers and acquisitions. By 1973, when Kline left the firm, Handy Dan had grown to 43 stores with annual sales of $ 52 million in Oklahoma, Texas, New Mexico, Colorado and
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more than half the firm's 16,000 employees, but brought Daylin out of bankruptcy in 18 months. The Handy Dan and London Drugs operations were not included in the filing; women's clothing chain Diana, Handy Dan, and a line of hospital pharmacies would form the core of the surviving business.
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By mid-1974, Daylin's aggressive expansion, intense local competition, and high indebtedness in a high-interest rate economic environment had led to significant financial problems, and the company began to sell off underperforming assets, including its drugstore operations.
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Sigoloff came into conflict with Marcus and Blank over the structure and control of the Handy Dan division. In 1978 he fired them, ostensibly for allowing an employee to set up a fund to improperly fight a unionization effort in
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Amnon
Barness, an Israeli immigrant, co-founded the company in 1960 with an investment of $ 10,000. The company grew aggressively over the next two decades by acquiring retail operations around the United States, notably
165:, who had joined the company when Daylin acquired his family's pharmacy and risen to president of the Elliott's Drug Stores/Stripe Discount Stores unit, was invited to join Handy Dan by
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135:. By 1969, Daylin had 50 corporate divisions and subsidiaries employing around 13,000 employees. In 1973 it was reported to operate 700 stores.
528:
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reorganization on
February 26, 1975, the second largest retail bankruptcy within a year. Daylin was accordingly
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Built from
Scratch: How a Couple of Regular Guys Grew The Home Depot from Nothing to $ 30 Billion
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through restructuring, was brought in as president to oversee a turnaround. Daylin filed for
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219:, made an unsolicited offer to acquire Daylin. It completed the acquisition on March 19.
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215:, a conglomerate which already owned numerous hardware chains including
477:"Bernie Marcus & Arthur Blank: The Do-It-Yourselfer's Best Friends"
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430:"Daylin, Big West Coast Retailer, Files a Petition for Bankruptcy"
89:
42:
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Marcus, Bernie; Blank, Arthur; Andelman, Bob (2019).
386:
510:
496:"Grace, in Surprise Bid, Seeks Daylin Takeover"
227:Brands owned by Daylin include the following:
407:"Up From Bankruptcy: How Daylin Bid for Dymo"
115:as well as Great Eastern, which gave rise to
316:"Drug Firm Executives To Get Israeli Honor"
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524:American companies disestablished in 1979
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322:, vol. 42, no. 269, 1969-06-14
534:Retail companies disestablished in 1979
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519:American companies established in 1960
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107:Improvement Centers, which prefigured
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271:Stripe Discount Health and Beauty Aid
529:Retail companies established in 1960
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357:
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265:Miller's Discount Department Stores
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469:
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251:Handy Dan Home Improvement Centers
14:
555:
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204:stores. Marcus and Blank founded
176:, who had just successfully lead
111:; the company also briefly owned
363:"He Became Millionaire by Error"
458:"He Wielded Ax in Bankruptcies"
231:Angels Home Improvement Centers
539:Companies based in Los Angeles
494:Cole, Robert J. (1979-01-05),
456:Miller, Stephen (2011-02-25),
405:Lindsey, Robert (1978-06-11),
367:Bakersfield Sunday Californian
333:Sloane, Leonard (1973-10-31),
1:
544:1979 mergers and acquisitions
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103:. Its best-known unit was
143:In 1968, Daylin acquired
101:Beverly Hills, California
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436:, p. 51, 1975-02-28
369:. 1973-09-02. p. 21
129:home improvement centers
463:The Wall Street Journal
238:Disco Department Stores
213:W. R. Grace and Company
190:New York Stock Exchange
16:American retail company
335:"People and Business"
391:. Crown. p. 19.
242:Elliot's Drug Stores
211:On January 5, 1979,
202:San Jose, California
178:Republic Corporation
145:El Monte, California
78:W.R. Grace & Co.
174:Sanford C. Sigoloff
21:
500:The New York Times
434:The New York Times
411:The New York Times
340:The New York Times
294:The New York Times
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172:In January 1975,
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117:Linens 'n Things
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289:"Amnon Barness"
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208:the same year.
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133:discount stores
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217:Orchard Supply
206:The Home Depot
167:Bernard Marcus
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109:The Home Depot
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68:March 19, 1979
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257:King Clothing
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245:Great Eastern
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60:Amnon Barness
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502:, p. D4
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483:, 2008-10-10
481:Entrepreneur
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438:, retrieved
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371:. Retrieved
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344:, retrieved
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299:. Retrieved
297:. 2009-12-14
292:
283:
261:London Drugs
226:
210:
198:
194:
171:
163:Arthur Blank
159:
152:California.
142:
121:
113:London Drugs
93:conglomerate
88:was a major
86:Daylin, Inc.
85:
84:
76:Acquired by
33:Conglomerate
25:Company type
20:Daylin, Inc.
97:Los Angeles
513:Categories
440:2020-09-28
416:2020-09-28
373:2020-09-28
346:2020-09-28
320:Desert Sun
301:2020-09-28
276:References
223:Operations
182:Chapter 11
156:Bankruptcy
125:drugstores
99:and later
248:Gulf Mart
188:from the
139:Handy Dan
105:Handy Dan
95:based in
186:delisted
39:Industry
147:-based
65:Defunct
57:Founder
49:Founded
131:, and
90:retail
43:Retail
29:Public
234:Diana
149:chain
73:Fate
52:1960
515::
498:,
479:,
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448:^
432:,
409:,
397:^
365:.
354:^
337:,
318:,
291:.
192:.
169:.
127:,
119:.
376:.
304:.
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