Over the years, a shift by other luxury stores and boutiques to the west side of the city/county resulted in the primary Bullocks Wilshire trading area's fall, yet the main store held on as a destination until 1988, when it began its own precipitous decline, hastened under operation by its final owners, Macy's, who had acquired the chain from the Campeau Corporation.
Through massive junk bond LBOs which were at their most popular in the mid 1980s, Campeau gained control of Allied Stores and Federated Department Stores, owner of Bloomingdale's.
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It was infamous from its ultimately unsuccessful acquisitions of American department store holding companies Allied Stores in 1986 and Federated Department Stores in 1988.
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Campeau Corporation was a Canadian real estate development and investment company founded by entrepreneur Robert Campeau.
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However, Robert Campeau's Campeau Corporation went bankrupt before plans could be finalized and the expansion begun.