(Q2895583)

English

Meshulam Riklis

Turkish-born U.S.-based Israeli businessman

Statements

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2 December 1923Gregorian
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25 January 2019
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Two-hundred-and-forty-nine works of art from the collection of the McCrory Corporation, including examples from every major 20th-century geometric abstract style or movement, and a $1.75 million contribution have been given to the Museum of Modern Art by the corporation.The gift of paintings, sculptures and works on paper, which will be known as The Riklis/Lindner Collection of McCrory Corporation, was selected by the museum from the 1,000 works in the corporation's collection.Meshulam Riklis is the chairman and Carl Lindner the vice chairman of the Rapid-American Corporation, parent company of the McCrory Corporation. McCrory owns and operates retail and variety chain stores and the Lerner Shops women's apparel chain. The formal announcement of the gift will be made today at the museum, which is closed for reconstruction and renovation and will reopen on May 17. (English)
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On Wednesday, McCrory Corp., the once-venerable “five-and-dime” store chain and a centerpiece of Riklis’ financial holdings, filed for federal bankruptcy court protection from creditors. The York, Pa.-based company, which operates 819 variety stores under the McCrory, J. J. Newberry, McLellan and Kress names, said it intends to stay in business while it reorganizes. Ninety-eight McCrory stores are in California, many in struggling inner-city areas.The 109-year-old chain was the victim of the recession, mounting debts and fading customer interest in dime stores. It is the latest major U.S. retailer to seek Chapter 11 protection because of rising debts and flagging sales.It also was the latest--and perhaps the biggest--in a series of financial reversals for Riklis.Last December, his Las Vegas casino, the Riviera Hotel, filed for bankruptcy protection. Another company Riklis controlled until late 1990, E-II Holdings Inc., a spinoff of the former Beatrice Co., faces a class-action suit brought by bondholders. (English)
Meshulam Riklis
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