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During this same time period, due to financial hardships, the owners were forced to sell a 50 percent stake in their company to the Schottenstein family. By 1986 American Eagle was achieving rapid success due to the concentration of Retail Ventures Inc.’s resources being focused mainly on their store.
Stilling hoping for a bigger and better business, the optimistic Silverman brothers planned to expand American Eagle with the addition of nearly 120 stores over the course of three years (American Eagle Outfitters, Inc.). By the 1990s, American Eagle had successfully prospered to 153 stores. Although these additions were made, sales remained dormant. “High management turnover also contributed to the chain’s difficulties during this period.” To further develop growth, the Silverman family sold the remaining 50 percent of Retail Ventures to the Schottenstein family, giving them total control of Retail Ventures, Inc. and their only chain, American Eagle (American Eagle Outfitters, …show more content…
(MSN News …show more content…
Merchandise inventory | | | | | | (89,988 | ) | | | | (128,156 | ) | Accounts receivable | | | | | | (7,454 | ) | | | | (5,080 | ) | Prepaid expenses and other | | | | | | (4,879 | ) | | | | 8,580 | | Other assets, net | | | | | | (677 | ) | | | | (1,317 | ) | Accounts payable | | | | | | 40,326 | | | | | 50,025 | | Unredeemed gift cards and gift certificates | | | | | | (18,916 | ) | | | | (23,028 | ) | Deferred lease credits | | | | | | (2,868 | ) | | | | 8,748 | | Accrued compensation and payroll taxes | | | | | | (24,379 | ) | | | | (5,161 | ) | Accrued income and other taxes | | | | | | (13,647 | ) | | | | 12,342 | | Accrued liabilities | | | | | | 2,336 | | | | | 1,622 | | Total adjustments | | | | | | 51,553 | | | | | 31,073 | | Net cash provided by operating activities from continuing operations | | | | | $ | 146,449 | | | | $ | 164,854 | | Investing activities: | | | | | | | | | | | Capital expenditures | | | | | | (65,363 | ) | | | | (105,955 | ) | Sale of investments | | | | | | 177,472 | | | | | 77,014 |
Stilling hoping for a bigger and better business, the optimistic Silverman brothers planned to expand American Eagle with the addition of nearly 120 stores over the course of three years (American Eagle Outfitters, Inc.). By the 1990s, American Eagle had successfully prospered to 153 stores. Although these additions were made, sales remained dormant. “High management turnover also contributed to the chain’s difficulties during this period.” To further develop growth, the Silverman family sold the remaining 50 percent of Retail Ventures to the Schottenstein family, giving them total control of Retail Ventures, Inc. and their only chain, American Eagle (American Eagle Outfitters, …show more content…
(MSN News …show more content…
Merchandise inventory | | | | | | (89,988 | ) | | | | (128,156 | ) | Accounts receivable | | | | | | (7,454 | ) | | | | (5,080 | ) | Prepaid expenses and other | | | | | | (4,879 | ) | | | | 8,580 | | Other assets, net | | | | | | (677 | ) | | | | (1,317 | ) | Accounts payable | | | | | | 40,326 | | | | | 50,025 | | Unredeemed gift cards and gift certificates | | | | | | (18,916 | ) | | | | (23,028 | ) | Deferred lease credits | | | | | | (2,868 | ) | | | | 8,748 | | Accrued compensation and payroll taxes | | | | | | (24,379 | ) | | | | (5,161 | ) | Accrued income and other taxes | | | | | | (13,647 | ) | | | | 12,342 | | Accrued liabilities | | | | | | 2,336 | | | | | 1,622 | | Total adjustments | | | | | | 51,553 | | | | | 31,073 | | Net cash provided by operating activities from continuing operations | | | | | $ | 146,449 | | | | $ | 164,854 | | Investing activities: | | | | | | | | | | | Capital expenditures | | | | | | (65,363 | ) | | | | (105,955 | ) | Sale of investments | | | | | | 177,472 | | | | | 77,014 |