Sport Chalet went public with 1.6M shares
Sam Allen, left, then president and chief executive of Sport Chalet, Inc., stands with the chains founder, Norbert Olberz, when the announcement was made 20 years ago this week that the company had filed with the U.S. Securities and Exchange Commission for an initial public offering of 1.6 million shares of common stock.
It was announced that the Kentucky Fried Chicken sign in the Ocean View Shopping Center, referred to by at least one local member of the City Council as the “big bucket on a pole,” would be coming down. The news followed an agreement reached by the city and Paneno Partnerships, owners of the center, as city officials continued to encourage the removal of pole signs along the business corridor. Lower-to-the-ground “monument” signs were called for in place of the towering signs.
Twenty Years Ago
Sport Chalet, Inc., headquartered in La Cañada Flintridge, filed with the U.S. Securities and Exchange Commission for an initial public offering of 1.6 million shares of common stock. “We have always financed through the banks, but due to the economic times, this makes common sense to us to go public,” said Sam Allen, then president and chief executive of the firm.
Thirty Years Ago
La Cañada teachers accused the school board of intransigence in negotiating the 1982-83 employment contract and petitioned the county public employee relations board to declare an impasse in the talks. The teachers claimed that the school board leadership was hostile toward them.
Forty Years Ago
A young man held up the Robert Hall Clothes store in La Cañada (where Jo-Ann Fabric and Crafts operates a store today). The robber reportedly pulled a revolver on the store manager, who handed over $150 in cash.
Fifty Years Ago
The La Cañada section of the Needlework Guild of America held its annual ingathering at a home on Valley Crest Drive. The event was a harvest of a year's effort of local homemakers who had sewn new clothes, household linens and blankets for people in need. Many members also made cash donations to a shoe fund to augment the drive.
Sixty Years Ago
In a long-standing fall tradition, several grape vendors arrived in town in October 1952 to set up stands along Foothill Boulevard near Vineta Avenue for a month-long sale of their harvest.