SYDNEY DEPARTMENT STORES: The end of Anthony Horderns' (1969)

The demise of Sydney department store chain Anthony Horderns' extends for a longer period of time than what this entry will focus on.

This entry will focus on the sale of Anthony Horderns' in 1969 which marked the end of its existence as a department store chain.

In November 1969, the Brickfield Hill store which had traded for a century closed. This generally went unreported by the newspapers. I could not even find any "closing down" advertisements.

The following month saw its compeitors rival for control:

• Buckinghams Holdings Limited (Buckinghams) - $6 million offer
• Waltons Limited - $9.3 million offer

Developer Stocks & Holdings also joined in the frenzy, offering $8.6 million for the company.

   

Source: Riggs, C. 1969. "$8.6m city store bid is accepted". The Daily Mirror, December 3: 2. 

This proposal had been accepted by the company. 

As the fight for control ensued, the company sold its Brickfield Hill site for $8.5 million to the State Superannuation Board.

 

Source: Anon. 1969. "Hordern's Site Owner Named". The Daily Telegraph, December 24: 1. 

On 5 January 1970, Waltons gained majority ownership, when it accquired 36% of the company from its rival bidders - Buckinghams and Tjuringa Securities. 

 

Source: Anon. 1970. "Waltons claims victory". The Daily Mirror, January 5: 26.

Shares in the company (Anthony Hordern & Sons Limited) were delisted from the Sydney Stock Exchange on 8 April 1970, completing the take over process

Source: Anon. 1970. "The last day for Anthony Hordern". The Sun, April 8: 68.

Hordern's Mid City Store closed in 1973.