Goldblatt's
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Goldblatt's was a chain of local Chicago discount stores that is now defunct.
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[edit] History
[edit] Early Beginnings
Goldblatt's was founded in 1914 by brothers Nate and Maurice Goldblatt. The Goldblatt family immigrated from Poland; on Chicago's west side they ran a grocery store and butcher shop. Nate and Maurice opened their first store near the corner of Ashland and Chicago Ave. The store served the needs of the community and did very well. "By 1922, the Goldblatt brothers recorded sales of over $800,000." [1] By 1928 the brothers formed Goldblatt Brothers Inc. During the Great Depression of 1929 Goldblatt's did exceedingly well, the brothers were able to purchase several smaller department stores.
In 1936 Goldblatt's opened their State Street flagship store at State and Van Buren. Goldblatts moved towards more upscale products including, small appliances, a deli, and confectionary goods.
[edit] Bankruptcy
By 1946 Goldblatts was operating 15 stores with $62 million in annual sales. Things went well even as the Goldblatt brothers began to quarrel. In 1949 a one store expansion into Buffalo New York was met with little success. By the 1950’s the store’s growth began to stall with profits flat lining and new store openings averaging only 4 a year. By the mid 60’s retailers such as Kmart, Woolco, Zayre, and Sears were digging into Goldblatt’s market. Their expansion into the suburbs proved to be a difficult obstacle for Goldblatts. Middle class shoppers were not too enticed to shop at Goldblatt’s. The company declared bankruptcy in 1981.
In 1982 Goldblatts reopened with 6 stores, the mission of the company was restored to selling for the poor. Their flagship store was to be sold to City of Chicago under Mayor Jane Byrne for a public library location[2], later sold to DePaul University when the Harold Washington Library was built. Without the money from the city of Chicago Goldblatt's would have closed. By 1985 Goldblatt's pulled out of bankruptcy profitable.
However, changing markets, increasing completion and old stores doomed the chain. Around 2000 Goldblatts closed for good. In 2003 the company liquidated.
[edit] Ames
Shortly after Goldblatts closed it stores, discount retailer Ames purchased 7 stores. "In April 2000, [Ames] Company consummated its purchase of the leases for seven stores from Goldblatt's Department Stores, Inc. for a cash purchase price of $7.6 million." [3]
[edit] External links
[edit] References
- ^ "JG Industries Inc. Comapny History". Retrieved on May 30, 2006.
- ^ [1] sale to Chicago-never used, but funding or chance of funding used to refinance Goldblatt's
- ^ "Ames Department Store Inc.", SEC, 2000-04-29.
