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NEGOTIATIONS FOR THE SALE of locally based Guarantee Auto Stores Inc. to a larger competitor, Nationwise Inc. of Columbus, Ohio, were continuing last week, according to Guarantee President and CEO Arnold Busse.
Unless negotiators hit a snag, finalization of the purchase could come this month, throwing some question on the fate of the administrative staff at the local company's headquarters, 5611 E. 71st St., and on the fate of its executive management, including Busse.
If the deal is consummated, Nationwise will move from being the eight largest automotive-aftermarket retailer to the fourth-largest in the United States based on the number of retail outlets, using a June 1987 report in Chilton's Automotive Marketing as reference.
The sale would mark the second time in Busse's retailing career that he has been at the helm of an Indiana company bought by a bigger out-of-state firm. Busse was president of Haag Drug Co. until that Hoosier chain was purchased by Peoples Drug Stores Inc. about eight years ago.
"We're at that very awkward, iffy time," Busse said of the buyout talks. He and officials at Nationwise declined to release details of the prospective purchase and the price being offered....