| Deal Description | Arnold Constable Corporation used the proceeds from this transaction to meet financial requirements for a plan for the extension and enlargement of the business of M. I. Stewart & Company, Inc., of which the company owns all of the issued and outstanding capital stock. The plan involved the purchase of property at the northeasterly corner of 56th Street and Fifth Avenue, in Manhattan, New York City, the erection of a new building thereon to be furnished and equipped as a department store, and for general corporate purposes. |
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