History Goldblatt's

1 history

1.1 beginnings
1.2 bankruptcy
1.3 ames

history
early beginnings

goldblatt s founded in 1914 brothers nate , maurice goldblatt. immigrants poland, goldblatt family ran grocery store , butcher shop on chicago s west side. nate , maurice opened first store near corner of ashland , chicago avenue. 1922, store recorded sales of on $800,000. 1928 brothers formed goldblatt brothers inc. during great depression of 1930s goldblatt s did well, , brothers able purchase several smaller department stores.

in 1936, goldblatt s opened state street flagship store @ state , van buren. goldblatt s moved towards more upscale products , offered small appliances, deli, , confectionery goods.

bankruptcy

by 1946 goldblatt s operating 15 stores $62 million in annual sales. things went goldblatt brothers began quarrel. in 1941, one-store expansion buffalo, new york met little success; store closed on november 27, 1948, following unionization attempt employees. 1950s growth began stall, profits flatlining , new store openings averaging 4 year.

by mid-1960s, retailers such kmart, woolco, zayre, , sears digging goldblatt’s market. expansion suburbs proved difficult obstacle goldblatt s. middle class shoppers not enticed shop @ goldblatt s. company declared bankruptcy in 1981.

in 1982, goldblatt s reopened 6 stores. mission of company restored selling low income families. flagship store, sold city of chicago under mayor jane byrne public library location, later sold depaul university when harold washington library built. without money city of chicago goldblatt s have closed. jerrold wexler helped save firm bankruptcy. 1985 goldblatt s profitable.

however, changing markets, increasing competition, , old stores doomed chain. in 2000, goldblatt s closed once again. ames purchased several former stores enter chicago market again (ames had taken on many of zayre s former chicago stores, of them later closed). later in same year, returned , reopened 47th , ashland location. goldblatt s later took 4 more locations when ames closed chicago stores. in 2003, company closed stores , liquidated.

ames

shortly after goldblatt s closed stores, discount retailer ames purchased 7 of stores $7.6 million in april 2000.