The Empire Shrinks Back

Campeau gives up his crown jewel, but will it be enough?

Sometimes, winning your heart's desire is the first step toward losing it. Canadian developer Robert Campeau is learning that lesson, and has only begun ; to pay the price. A onetime machinist's apprentice and a self-made real estate tycoon, Campeau, 66, borrowed his way to the top shelf of the U.S. retailing industry. He spent $3.6 billion in 1986 to buy the Allied group of stores (holdings: Brooks Brothers, Bonwit Teller and Jordan Marsh). Last year he won a $6.6 billion bidding war with R.H. Macy for control of Federated Department Stores, a costly victory that gained him a crown jewel...

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