Illinois Sullivan much suffering to the owner of the store
Sam Zell may have been the biggest winner on the Illinois business scene in 2007. The real estate mogul sold his Chicago-based Equity Office Properties to Blackstone Group for 24 billion dollars at the peak of the market — a record sale price for any company at the time.
Some think Zell also may have struck a losing deal in leading the eight-billion-dollar buyout for struggling Tribune Company, whose revenues remain in free fall. But when Zell strode into Tribune Tower and declared himself the “new sheriff” this month, he insisted things should work out and called it a low-risk investment.
Prominent losers from Illinois-related business developments this year include convicted press baron Conrad Black, now awaiting prison time. Slumping Motorola also had a bad 2007 as its post-Razr slump sent profits and sales tumbling and caused thousands of layoffs and a management shakeup.
The year’s other big winners among corporations based in the state include McDonald’s, CME Group, Deere and Company, and two companies that fetched whopping sale prices: CDW and Navteq.
Sam Zell may have been the biggest winner on the Illinois business scene in 2007. The real estate mogul sold his Chicago-based Equity Office Properties to Blackstone Group for 24 billion dollars at the peak of the market — a record sale price for any company at the time.
Some think Zell also may have struck a losing deal in leading the eight-billion-dollar buyout for struggling Tribune Company, whose revenues remain in free fall. But when Zell strode into Tribune Tower and declared himself the “new sheriff” this month, he insisted things should work out and called it a low-risk investment.
Prominent losers from Illinois-related business developments this year include convicted press baron Conrad Black, now awaiting prison time. Slumping Motorola also had a bad 2007 as its post-Razr slump sent profits and sales tumbling and caused thousands of layoffs and a management shakeup.
The year’s other big winners among corporations based in the state include McDonald’s, CME Group, Deere and Company, and two companies that fetched whopping sale prices: CDW and Navteq.
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