New Chain

With no more fuss than buying a pencil, a new nationwide department store chain was started last week. Merchandiser Walter Hoving (rhymes with roving), who had resigned his $135,000-a-year job as president of Lord & Taylor five months ago, made a deal to buy Manhattan's Bonwit Teller, Inc. ("High Class but not High Hat").

With capital furnished by Hoving and his associates, the newly formed Hoving Corp. bought 22% of Bonwit's outstanding stock from Floyd Odium's Atlas Corp. Hoving also got an option on an additional 74%. Before long he expects to take over control of Bonwit. Then he plans to open branches under the Bonwit name in other U.S. cities.

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