http://en.wikipedia.org/wiki/Bealls_(Texas)
Excerpt:
The 13% voted against the sale. During the middle to late 80's the company was hit particular hard when the oil revenues in the state of Texas plummeted that resulted in a downturn for the state. This forced the company to quit paying dividends thus in turn stockholders became aggressive to sell the company at bargain prices. Bain Venture Capital and other investors. This group, in turn, combined the operations of Beall's with those of Houston-based Palais Royal (also bought out by Bain, etc. at the same time) and formed a new company, Specialty Retailers, Inc. The combined company would be based in Houston. There were 152 Bealls stores in the chain by this time: Texas had 128, Oklahoma had 11, New Mexico had 10, and there were 3 stores in Alabama.[4][5][6][7][8] This was a shock to Jacksonville, whose residents and those in the business community considered Bealls to be a good neighbor and corporate citizen. Jacksonville was spared a complete loss, as the new distribution center would stay open, and the credit department of the combined company would be located at the previous Bealls office east of downtown. Also remaining would be the former flagship store of the company, where it still remains, on South Jackson.
http://en.wikipedia.org/wiki/Bealls_(Florida)
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