Joe's

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Joe's
Type Private company
Founded 1952
Headquarters Wilsonville, Oregon
Key people Norm Daniels, CEO
Industry Retail
Products sporting goods, clothing, auto parts
Revenue $240 million (2006)
Website joessports.com

Joe's, known as G.I. Joe’s prior to April 1, 2007, is a sporting goods and auto parts retailer dealer based in Oregon. The Wilsonville, Oregon based company has 26 stores in Oregon and Washington. The company is planning on opening two stores in Idaho in 2007.[1] They were the 142nd largest retailer in the United States by revenue in 2000.[2]

[edit] History

G.I. Joe’s began in 1952 when Edward M. Orkney purchased army surplus sleeping bags and then set up a tent in Portland, Oregon to sell them to the public.[3] Orkney sold out of the sleeping bags and then started selling other army surplus merchandise in a store that then doubled in size by 1956.[3] In 1976 Orkney died and his son, David Orkney, took over the business.[4] In 1991 the chain expanded to the Seattle market and had increased to 14 stores with revenue of $135 million.[4] Then the next year David Orkney stepped down as the CEO and Norm Daniels assumed the role.[4] Daniels had begun his career with the company in 1965 as a stocker.[4]

In 1998 the company made plans to go public.[4] The plan was to use the cash from the sale of shares to fund an expansion program to become more of a regional chain.[4] They even filed with the SEC in late 1998 for an IPO, but the next year the plan was withdrawn when the expected price per share was not as high as had been hoped for by the company.[4]

By 2000, revenue had increased to $161 million from 17 stores, making them the 12th largest sporting goods retailer in the United States, and largest in the Pacific Northwest.[5] On February 5, 2007, G.I. Joes was sold to Gryphon Investors in a private equity deal.[6]

In March 2007, the company announced that it was dropping the "G. I." from its name, as the old name did not accurately reflect its product line. In particular, the chain had not sold military surplus in many years. The name change took effect on April 1, 2007. [7]

[edit] Key facts

  • Regular presenting sponsor of the annual C.A.R.T. race in Portland.[1][2]
  • Subsidiary: Joe’s Direct

[edit] References

  1. ^ .G.I. Joe’s set to open Meridian, Idaho store in May 2007
  2. ^ Annual Retailer Ranking by Sales - 1-40 - Illustration - Statistical Data Included
  3. ^ a b About G.I. Joe's. G.I. Joes. Retrieved on February 3, 2007.
  4. ^ a b c d e f g G.I. Joe's, Inc.. Encyclopedia of Company Histories. Retrieved on February 7, 2007.
  5. ^ Top Sporting Goods retailers - ranked by sales in 2001 - Brief Article - Statistical Data Included. DSN Retailing Today (June 7, 1999). Retrieved on February 7, 2007.
  6. ^ Gryphon Investors Completes Acquisition of Leading Northwest Specialty Retailer G.I. Joe’s. Press Releases. G.I. Joes (February 5, 2007). Retrieved on February 7, 2007.
  7. ^ "No longer a G.I. at retailer Joe's", Associated Press (courtesy of KATU), March 29, 2007. Retrieved on March 29, 2007.
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