Ira A. Watson
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| Ira A. Watson | |
 |
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| Type of Company | Private |
|---|---|
| Founded | 1907 |
| Headquarters | Knoxville, TN |
| Industry | Retail |
| Products | Apparel, home furnishings |
| Website | www.peebles.com |
Ira A Watson Co was a leading retailer in the Southeast from 1907 to 1998. Founded by Ira A. Watson in 1907, Watson's began by buying salvage merchanidise from retailers such as Bloomingdale's and Carson Pirie Scott and offering it for sale in small towns throughout the region.
Expanding from the original operation, the company opened a group of downtown stores in county seat towns. As shopping centers and malls developed, Watson's opened substantially larger stores in those locations. Operations grew from a single location in Knoxville, Tennessee to numerous locations in Alabama, Kentucky, Tennessee, Virginia, West Virginia, South Carolina, North Carolina, Missouri, Indiana, and Illinois. Watson's locations typically ranged from 24,000-36,000 square feet. The merchandise was purchased and distributed to all of the Watson's stores from the centralized warehouse locatated in Knoxville, which was also home to the corporate office.
The company hit hard times in the late 1980s and eventually filed for Chapter 11 Bankruptcy in February 1992 when they were unable to renew bank financing. At the time of the filing, the company operated 31 stores in nine states. The courts approved a reorganization plan for the company to emerge from Chapter 11 in 6 years. Profitability improved and Watson's emerged from Chapter 11 in about half of the anticipated time. Even after emerging from bankruptcy, the company never fully recovered.
Watson's was purchased in June 1998 by Peeble's Department Stores Inc, a then privately held retailer based South Hill, VA. In 1999, the former Watson's locations were renamed Peeble's. Like Watson's, Peeble's had a long history, having been founded in 1891. Peeble's Inc. itself was acquired by Houston, TX based Stage Stores, Inc in November 2003. Peeble's continues to be based in South Hill and the company operates as a division of Stage Stores. In addition to Peeble's, Stage Stores currently operates stores under the names Bealls (Texas and New Mexico), Palais Royal (Houston area), and Stage (Louisiana, Arkansas, Oklahoma, Missouri). The former Watson's Knoxville Distribution Center continues to serve as one of two warehouses for the Peeble's chain.
Contents |
[edit] Watson's Locations
[edit] Alabama
- Cullman - Cullman Shopping Center (Converted to Peeble's)
[edit] Indiana
- Jasper - (Converted to Peeble's, but was later closed)
- Madison - River Pointe Shopping Center (Converted to Peeble's)
[edit] Kentucky
- Danville - Danville Manor Shopping Center (Remodeled and converted to Peeble's)
- Glasgow - Barren River Plaza (Converted to Peeble's)
- Hazard - Black Gold Shopping Center (Converted to Peeble's)
- Madisonville - Madison Square Shopping Center (Combined with existing Peeble's in nearby Parkway Plaza Mall - Original building is now a Big Lots).
- Paintsville - Mayo Shopping Center (Converted to Peeble's)
- Pikeville - Weddington Plaza (Converted to Peeble's))
- South Williamson - South Side Mall (Converted to Peeble's)
- Somerset - Grand Central Place (Converted to Peeble's)
- Winchester - Winchester Plaza (Converted to Peeble's)
[edit] Missouri
- Crystal City - Twin City Plaza (Converted to Peeble's)
[edit] North Carolina
- Concord - (Converted to Peeble's, but was later closed)
[edit] South Carolina
- Rock Hill - (Converted to Peeble's, but closed 02/05)
[edit] Tennessee
- Elizabethton - Carter County Plaza (Converted to Peeble's)
- Knoxville - Downtown - Market Square - Closed 1997
- Knoxville - West - Closed Spring 1998
- Oak Ridge - (Converted to Peeble's, but was later closed)
- Tullahoma - Forest Gallery Shopping Center (Converted to Peeble's)
[edit] Virginia
- Harrisonburg - Valley Mall (Converted to Peeble's)
- Martinsville - Patrick Henry Mall
- Vansant - Anchorage Shopping Center (Converted to Peeble's)
- Wise - Wise County Plaza (Converted to Peeble's)
[edit] West Virginia
- Logan - Downtown (Converted to Peeble's)
- St. Albans - St Albans Mall (Converted to Peeble's)
- Welch - McDowell Street, downtown. Closed early 1990's
