Rich's was a family-owned business that was established in 1962, grew out of Jerry's Army Navy Surplus in Salem, Massachusetts, USA. The Rich family once operated 29 stores in Maine, New Hampshire, Vermont and Massachusetts, which offered discounted merchandise.
 | |
| Company type | Discount Department Store |
|---|---|
| Industry | Retail |
| Founded | 1962 |
| Defunct | 1997 |
| Fate | Bankruptcy |
| Headquarters | Salem, Massachusetts |
| Products | Clothing, footwear, bedding, furniture, jewelry, beauty products, electronics and housewares. |
| Website | None |
History
editJerry Rich, a Russian immigrant living in Salem, Massachusetts, established Jerry's Army-Navy Surplus in 1929.[1][2] Rich's was founded in 1961 by Rich, his sons Bennett and Howard and his son-in-law Joel Saxe.[3][4] Similar to chain stores like Ames and Bradlee's, the chain offered discounted brand-name merchandise. In 1994, the company had sales of $240 million (~$448 million in 2023).[5] By Jerry Rich's death in 1995, the chain had 28 locations across New England.[6]
Bankruptcy and closure
editDue to retail consolidation and pressure from Walmart, the chain went bankrupt on March 14, 1996.[7] Financial records in its bankruptcy filing detailed $63.4 million in assets and $51.3 million in liabilities.[8] While the business was initially optimistic about its ability to emerge from bankruptcy,[9] the store would shutter all its locations in December 1996.[1] Nearly 2,000 workers at the company's 28 stores in Massachusetts, Maine, New Hampshire, and Vermont lost their jobs by February 1997.[5]
References
edit- ^ a b Donker, Peter P. (20 December 1996). "RICH'S CALLS IT QUITS". Worcester Telegram & Gazette. Retrieved 2 November 2020.
- ^ Donker, Peter P. (5 May 1995). "RICH'S POISED FOR FIGHT". Worcester Telegram & Gazette. Retrieved 2 November 2020.
- ^ "Jerry's Army & Navy Store - SalWiki". www.noblenet.org. Retrieved 2 November 2020.
- ^ "New Highland Ave Department Store Opens". The Daily Item. 4 April 1962. Retrieved 30 April 2024.
- ^ a b Fahey, Tom (15 March 1996). "Rich's Stores in NH Ride Out Chapter 11". New Hampshire Union Leader. Retrieved 2 November 2020.
- ^ "Jerry Rich, 88; founder, chaiman of Rich's department store chain". Boston Globe. 8 May 1995. Retrieved 30 April 2024.
- ^ "Department chain closing all 20 stores". Bangor Daily News. 1996-12-20. Retrieved 2011-11-05.
- ^ Nolan, Jeffrey S. (September 1996). "RETAIL CONSOLIDATION IN EASTERN MASSACHUSETTS: TRENDS AND IMPLICATIONS FOR SHOPPING CENTERS" (PDF). Retrieved 10 July 2020.
{{cite journal}}: Cite journal requires|journal=(help) - ^ "Biz Briefs: Rich's Stores To Close. Alternative Medicine Plan. Four Stations Added. Biorelease Acquires. National Award". New Hampshire Union Leader. 9 October 1996. Retrieved 2 November 2020.
External links
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