P.M. BRIEFING : Campeau Stocks Still on Hold
NEW YORK — U.S. trading in the stock of Campeau Corp., which was halted Friday, did not resume today because the Toronto Stock Exchange was closed for a holiday, an official at the National Assn. of Securities Dealers said.
Toronto-based Campeau disclosed Friday that its bankers believe it has technically defaulted on $2.34 billion in debt. The retailer’s stock is traded on the Toronto exchange as well as on the U.S. over-the-counter market.
Campeau last traded at 3 5/8 in the United States before trading was halted Friday.
Campeau is the biggest department store operator in the United States with chains including Bloomingdale’s and Abraham & Straus. The company said earlier this month that its Allied Stores Corp. and Federated Department Stores Inc. units may be forced to seek bankruptcy protection.
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