IMPERIAL'S NEW RULERS TWO FORMER EMPLOYEES NOW OWNERS.Byline: Brent Brent, outer borough (1991 pop. 226,100) of Greater London, SE England. The area is a rail and industrial center. Its manufactures include automobile parts, clocks and watches, and electrical equipment. Hopkins Staff Writer After more than 20 years as an employee of Imperial Toy Corp., Art Hirsch got the ultimate promotion. The Northridge resident started with the downtown toy company as a salesman, rising through its ranks to become chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Peter Tiger, a former executive in the necktie business, signed on in 2001 to keep the books. When founder Fred Kort, a hard-charging, larger-than-life leader, died in 2003, they stepped in to run the company as co-presidents. Now, they've got a new gig Slang for "gigabyte" or "gigabit." See GB. gig - gigabyte : co-owners. After a long search by Kort's heirs, Hirsch and Tiger announced this week that they bought the company. They now step in with a personal financial stake in an industry troubled by struggling retailers, flat sales and myriad challenges and changes. ``It's rather tenuous tenuous Intensive care adjective Referring to a 'touch-and-go,' uncertain, or otherwise 'iffy' clinical situation out there with the way the industry is now,'' Hirsch conceded con·cede v. con·ced·ed, con·ced·ing, con·cedes v.tr. 1. To acknowledge, often reluctantly, as being true, just, or proper; admit. See Synonyms at acknowledge. 2. with a wry smile. ``But it's fun, it's exciting and if you have the right product, it's a great business.'' Kort, a Holocaust Holocaust (hŏl`əkôst', hō`lə–), name given to the period of persecution and extermination of European Jews by Nazi Germany. survivor known both for his philanthropy philanthropy, the spirit of active goodwill toward others as demonstrated in efforts to promote their welfare. The term is often used interchangeably with charity. and tough management style, founded the company in 1969. Operating out of the former West Coast Ford distribution center, the company has an air of Willy willy Noun pl -lies Brit, Austral & NZ informal a childish or jocular word for penis Wonka's factory. Fortress-like and imposing on the outside, it flies an immense Imperial flag, and a water tower emblazoned with its name tops the roof. Inside, through a huge purple door The Purple Door Christian music festival is held annually each August. The festival was first held in 1996 at the Lancaster Mennonite High School in Lancaster, PA. As it grew, it moved to the fairgrounds in Lebanon, PA, then to a ski resort in Lewisberry, PA, where it draws about , Hirsch and Tiger go to work. Inside an immense showroom that looks like a little kid's dream, they talk business. They're now fully in charge of more than 600 products, 800 employees worldwide and a company that brings in between $85 million and $100 million in annual revenue. Terms of their purchase were not disclosed, but Fred Schmitt, the vice president of the investment bank The Sage Group who helped broker the deal on behalf of the Kort family, said the pair would ensure a seamless transition. ``Mr. Kort's legacy was delivering high quality product quickly and that's something the management team intends to continue,'' he said. The company trades heavily in low-margin, high-volume toys: squirt guns, plastic swords - the sort of thing sold at supermarkets with little brand-name recognition from consumers. The new owners aim to change that, pushing more heavily into more lucrative licensed character material and playing up its recognized brands such as the Buddy L line of steel- frame trucks, while still maintaining its traditional lines and Miracle Bubbles. `'We're entrepreneurs at heart,'' said Tiger, an Encino resident. ``We always wanted to own a company and have control of our own destiny.'' Brent Hopkins, (818) 713-3738 brent.hopkins(at)dailynews.com CAPTION(S): 3 photos Photo: (1 -- color) Peter Tiger, left, and Art Hirsch, the new co-owners of Imperial Toy Corp., show some of their latest products at their headquarters in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or . (2 -- color) The Stretchable Life-Like family of toy animals is one of the lines carried by the L.A.-based Imperial Toy Corp. (3 -- color) Peter Tiger, left, and Art Hirsch are in charge of more than 600 products, 800 employees worldwide and a firm that brings in from $85 million and $100 million in annual revenue. Evan Yee/Staff Photographer |
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