America’s largest retailer of home furniture, Heilig-Meyers Co. seemed to be headed toward bankruptcy when it announced August 1 that it would defer payment on its bonds and hire Lazard Freres & Co. to help it evaluate strategic alternatives. The Street left the stock in tatters the day of the announcement, unraveling half its value to 44 cents. At press time it was down to 28 cents, off 95% from its year high and at the tail-end of a decline which began in 1994, when it was trading at over $30 per share.
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