Jay Schottenstein prepares for another IPO

By Laurie Bennett

January 20, 2011 at 9:21am

Here’s a potentially lethal combination: The Schottensteins are feuding and the Schottensteins are going public.

Schottenstein Realty Trust, a venture controlled by retail giant Jay Schottenstein, plans an IPO to pay off $250 million in debt.

As the company noted in its SEC filings, family disputes “may result in significant distractions to our executive management or disrupt our business.”

As Forbes wrote in June, Jay Schottenstein’s sisters, Susan Schottenstein Diamond and Ann Schottenstein Deshe, have sued, accusing him of improperly managing family trusts to benefit his children rather than other family members.

He has denied their allegations, in turn accusing them of being bitter that their father and uncle bequeathed him a larger share of the family holdings.

The Schottensteins have plenty of exerience with companies, both private and public.

Jay Schottenstein chairs the publicly traded American Eagle Outfitters (AEO) and DSW (DSW) footware company. He also heads privately held Schottenstein Stores, which owns American Signature.

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