Carter Hawley revamp gets shareholders' OK

LOS ANGELES (Reuters) Shareholders of Carter Hawley Hale StoresInc. Wednesday approved a restructuring plan that will separate itsspecialty stores from department stores, forming two publicly tradedcompanies.

Carter Hawley's board announced plans to restructure last Dec.8, when it rejected a cash tender offer by Retail Partners to buy itscommon stock for $60 per share and to buy its convertible preferredstock.

The company then announced plans to separate its divisions. Thecompany's specialty-store divisions are Neiman-Marcus, BergdorfGoodman and Contempo Casuals. Its department stores are TheBroadway, Emporium Capwell, Thalhimers and Weinstock's.

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