embarked on a series of leveraged buyouts (LBOs). His first attempt as a large takeover was the Royal Trust Company, which was valued at Can$7 billion compared to the $866 million for Campeau Corporation. The bank was later sold and is now part of the Royal Bank of Canada. As his business expanded, Campeau ventured into the United States, looking for acquisitions that would add shopping mall real estate to his portfolio of assets. Through junk bond LBOs, Campeau Corporation gained control of Allied Stores for US$3.6 billion in 1986 and Federated Department Stores, owner of Bloomingdale's for $6.6 billion in 1988. Campeau retained well-known investment banker Bruce Wasserstein to assist with the transactions. However, the debt obligations that needed to be covered following the merger were too large and exacerbated by a market downturn that hurt retail sales; Campeau Corporation was unable to meet its debt obligations. By June 1989, following Campeau's takeover of Federated Department Stores, both Federated and Allied Department Stores were losing money despite increased sales in year-over-year comparisons. Federated and Allied eventually filed for bankruptcy reorganization. The company was eventually acquired by the Reichman brothers who filed for bankruptcy themselves and Campeau Corporation ceased to exist. A New York Times editorial stated: "Any corporate executive can figure out how to file for bankruptcy when the bottom drops out of the business. It took the special genius of Robert Campeau, chairman of the Campeau Corporation, to figure out how to bankrupt more than 250 profitable department stores. The dramatic jolt to Bloomingdale's, Abraham & Straus, Jordan Marsh and the other proud stores reflects his overreaching grasp and oversized ego." Personal life Campeau resided in a lakeside castle in Austria and he became involved in some real estate projects, including developing a large subdivision in Teltow (former GDR) near Berlin, Germany. That project failed and Campeau's company went bankrupt in 2001. The funds of the charitable foundation (Robert Campeau Family Foundation) used in his business were lost. Campeau died on June 12, 2017, in Ottawa. Bibliography Babad, Michael; Mulroney, Catherine.Campeau- The Building of an Empire,1989, Rothchild,John.Going for broke: How Robert Campeau bankrupted the retail industry, jolted the junk bond market, and brought the booming eighties to a crashing halt,1991, References 1923 births 2017 deaths Businesspeople from Greater Sudbury Businesspeople from Ottawa Franco-Ontarian people Canadian real estate businesspeople Canadian financial businesspeople