DICKSTEIN GETS CONTROL OF HILLS; BOZIC RESIGNS

NEW YORK--Hills Stores Co. president and chief executive officer Michael Bozic and five members of senior management resigned Wednesday when Dickstein Partners Inc. officially won control of the regional discounter.
Mark Dickstein, president of the investment firm and chairman of Carson Pirie Scott, was elected chairman of Hills.
An independent inspector certified the results of a special vote electing seven board nominees sponsored by Dickstein--David Brail, Mark Brodsky, John Burden, Mark Dickstein, Chaim Edelstein, Samuel Katz and Mark Kaufman--along with Stanton Bluestone, ceo of Carson Pirie Scott, and Curtis Schenker, president of Scoggin Capital. Dickstein has offered $27 a share for Hills, which the old board opposed. Dickstein proposes to auction the company.
Dickstein said the officers resigned to collect severance payments, but is confident some would be retained. Dickstein added, "We expect that within one month's time, we will be able to disclose whether the board will endorse the sale of the company to a third party or to a management-led buyout."

To access this article, click here to subscribe or to log in.

load comments
blog comments powered by Disqus