Misplaced Pages

#546453

61-417: Each store offered a wide selection of merchandise with special emphasis placed on fashion apparel, accessories and fashion home furnishings. This was aimed at middle and upper-middle income consumers. In addition to its department store operations the company maintained a partnership position in five operating shopping center ventures. Each of these centers had a retail outlet of the company. The store chain

122-533: A Pleasure", was more of a way of life for the Caldor team. Carl Bennett, who had been working as a wholesale liquor salesman for a Connecticut company, was born and raised in retail. His father owned a small grocery store in Greenwich, CT , where quality of merchandise and customer appreciation were key. Bennett credits his father for teaching him the retail sensibilities that he used to guide his company throughout

183-425: A business that would emphasize quality of merchandise over less desirable, lower cost wares at prices 10 to 40 percent below the manufacturers' suggested list prices, along with department store level services such as well informed salespeople, merchandise guarantees, and a liberal refund policy. These turned into cornerstones of the sustained growth and success of the chain they went on to establish. Later in 1951

244-734: A dramatic loss in sales. Caldor also had trouble meeting its financial goals, and losses mounted. Shortly before filing for bankruptcy, Caldor had $ 1.2 billion in assets and $ 883 million in liabilities, the lowest amount of assets and the highest amount of liabilities the company had had since it was sold. In 1996, Caldor closed 12 underperforming stores due to the bankruptcy. In 1997, Caldor closed two underperforming stores in New York City. Like all department and discount stores, Caldor relied on its weekly multi-color circular in Sunday newspapers to advertise its Sunday–Saturday sales for

305-948: A major entry in the rapidly growing off-price retailing market. After the 1986 May/ADG merger, May quickly sold the division. Caldor – Norwalk, Connecticut . Caldor, an upscale discounter, consisted of 109 stores in New England and Mid Atlantic States. After the 1986 May/ADG merger, May promptly sold the division. The chain entered bankruptcy and was liquidated in 1999. See also the May Department Stores listing for very comprehensive information about May and all of May's current and former divisions. See also Federated Department Stores , Lord & Taylor , and Dillard's Department Stores Strawbridge's added to division in 1996 Meier & Frank added to division in 2002 ; Zion's Cooperative Mercantile Institution (2001, to Meier & Frank) Caldor Caldor, Inc.

366-714: A month, Caldor was violating a Connecticut state law that permitted him to observe his Sabbath without opposition from his employer. Caldor contended that the law was unconstitutional as it violated the Establishment Clause of the First Amendment to the United States Constitution . The lawsuit was filed in 1980, and eventually the case was heard before the United States Supreme Court , wherein Caldor's position

427-551: A strip mall nearby to its Woodbridge, N.J. store; there had been consideration to moving to the new "flagship store" in the mid-1980s to the former Gimbels at Westfield Garden State Plaza but Sunday operating law in Bergen County prevented this—its 9 stores were shut down by May in 1989. Most of them (six) were absorbed by Lord & Taylor, while the large Westfield Garden State Plaza store was bought by Nordstrom. Hengerer's (The William Hengerer Co.), Buffalo, New York ,

488-708: A substantial amount of money which allowed them to pass savings on to their customers and to promote their extremely fast growth. By 1963, Caldor had stores in Peekskill, NY , Danbury, CT , Hamden, CT , Norwalk, CT , and Riverside, CT , in addition to the original location in Port Chester, NY. Staying true to its belief in the benefits of regionalization each new store was planned close to Caldor's headquarters. In November of that year Caldor's common stock, which had split two for one in September, began trading on

549-480: The American Stock Exchange . In 1966, Caldor opened its ninth store. Its management, sales, and executive board were also expanded in size and depth. A report written that same year by The Value Line Investment Survey, one of Wall Street 's most influential investment advisory services, recognized Caldor as a company growing at a rate of advance faster than that of Xerox Corporation . During

610-440: The 1970s, the chain aggressively expanded into Texas, Illinois, and Michigan. In the early 1980s, South Florida saw 11 stores opened in quick succession. They partially withdrew from the oil-shocked Texas and southern Florida markets in 1989–1990 after the 1986 May/ADG merger. After May assumed ownership, ADG's Hahne's division (several New Jersey locations) and several former John Wanamaker (Philadelphia) locations were combined under

671-603: The 1970s, they created a new St. Petersburg, Florida-based department store, Robinson's of Florida . However, ADG was most well known for its upscale New York City based Lord & Taylor division, with over 84 locations across the country. Lord & Taylor was ADG's largest and most profitable division. In the early and mid-1980s ADG attempted to rationalize its department stores, focusing on high-growth areas. Several of its non-profitable department store chains were sold or shuttered. They merged Hengerer's of Buffalo, New York into Rochester-based Sibley's in 1981. 1983 saw

SECTION 10

#1732787361547

732-425: The 1986 May/ADG merger, the under-performing locations of both former chains were swiftly divested by May in 1987 and 1988. L. S. Ayres & Co. was shortened to L. S. Ayres and was operationally consolidated with Famous-Barr in 1991 (but continuing to operate under the L. S. Ayres moniker), when its downtown Indianapolis flagship and three other under-performing stores were closed. After May was bought by Federated, it

793-584: The ADG merger, the May Company either divested or merged each of the former ADG divisions into its own regional nameplates: Lord & Taylor, the last remaining nameplate, in 2021 converted to an online-only. The Denver Dry Goods Company , Denver, Colorado , was acquired by ADG in 1966. The division consisted of 12 stores in Colorado. After the 1986 May/ADG merger, it was largely shutdown and sold-off and

854-701: The Goldwaters stores in Phoenix, Arizona. In 1992, as part of divisional consolidations by the May Company, the J.W. Robinson Co. division was merged with the May Company California division to form a single Los Angeles based division to be called Robinsons-May . After May was bought by Federated, it was announced that most Robinsons-May stores would either be converted to Macy's or sold. Robinson's of Florida – St. Petersburg, Florida ,

915-469: The Lord & Taylor name-plate. From 1997 to 2006, Lord & Taylor occupied the former Wanamaker's landmark store in downtown Philadelphia. During the 1990s and early 2000s, May took the chain national. Under the leadership of CEO Marshall Hilsberg, Lord & Taylor entered expansion mode opening stores as far west as Las Vegas, Nevada. At its then peak, Lord & Taylor operated as many as 86 stores across

976-713: The Louisville-based Stewart Dry Goods division into its Indianapolis-based L. S. Ayres & Co. operations. Several department store divisions were divested or closed prior to the 1986 merger with May Department Stores ADG was acquired by the May Department Stores Company in October 1986 as part of a US$ 2.2 billion merger. At the time, it was considered to have been the most expensive purchase/merger in retail history. After 1986, May converted or merged most of

1037-825: The May/ADG merger. Due to anti-trust concerns and legal action by the City of Pittsburgh, it was promptly sold in December 1986 to an investor group. After several years of private ownership, it was announced the Dillard's would be buying the chain to combine it with the Dillard/DeBartolo co-owned Higbee's stores based in Cleveland. However, the deal collapsed and was not completed. Eventually the Joseph Horne Co.

1098-565: The Minneapolis locations (formerly Powers/Donaldsons) to Dayton's parent Dayton Hudson Corp. Many of which re-opened under its moderate Mervyn's chain. This was mostly in a move to prevent serious competition in its Twin Cities stronghold. In 2004 when Dayton's successor Marshall Field's was acquired by May, it also agreed to buy the former Donaldson/Powers locations, which Mervyn's promptly shuttered, and left May responsible for disposing of

1159-560: The New York retail market. Caldor was successful through several business practices which were distinct in their industry. New stores were located within at most a day's travel from Caldor's corporate headquarters and its distribution center, allowing for closely controlled costs and minimized inventory expenses. This allowed single advertising and promotional campaigns to cover multiple stores and simplified executive supervision and transfer of employees. The interior of each Caldor store

1220-465: The Washington, D.C., area. This, along with the chain's slow financial progress, caused its secured creditors to file a motion that would have forced Caldor to convert its bankruptcy, from which the company had still not emerged, from a Chapter 11 filing to a Chapter 7 filing; this would have required Caldor to liquidate all of its stores and cease operations. The creditors believed their best option

1281-589: The William Hengerer Co. in Buffalo in 1981. In 1992, Sibley's, as it was informally known, was merged into Kaufmann's. After May was bought by Federated, it was announced that most Kaufmann's stores (including the former Sibley's locations) would either be converted to Macy's or sold. The Stewart Dry Goods Co. – Louisville, Kentucky , consisted of seven stores in Kentucky and Indiana. In 1985, it

SECTION 20

#1732787361547

1342-515: The awards banquet in Chicago, Bennett credited the corporation's employees as “our secret ingredient" for making Caldor “the finest retail chain in the country". In 1983, Bennett was elected into the "Discounting Hall of Fame" by the same industry poll, making him the sixth retail executive to receive the honor. Iris Rosenberg, editor of Discount Store News , said: "Carl Bennett typifies the successful entrepreneur who from an inconspicuous start made

1403-474: The board, and Dorothy as treasurer and director. Carl's brother Harry Bennett served as vice president. That same year fire destroyed the Norwalk store and all of its contents. Ever resourceful, Caldor continued to serve the Norwalk community by operating out of three temporary stores close to the damaged outlet, which was quickly being rebuilt. Despite this setback that destroyed nearly seven months of inventory,

1464-713: The company had no alternative but to wind down business and lay off all of their staff at the corporate headquarters in Connecticut. One day after that, on January 23, 1999, liquidation sales began at the remaining 145 stores. By April 1999, most of the Caldor locations had sold off all their merchandise and closed their doors; the last store to close did so on May 15, 1999. At the time of the liquidation, Caldor employed over 24,000 people. Many Caldor stores eventually were purchased by retailers such as competitors Kmart , Target , and Walmart , and many metro New York Caldor stores were bought by Kohl's as part of Kohl's entry into

1525-405: The company posted an increase in sales of approximately 43% over the previous year. Part of Caldor's financial success was convincing vendors of Caldor's billing incentives. Caldor got most, if not all, of their vendors to agree to a 2% 10/net 30–60 format. This meant if they paid the vendors within 10 days of receipt, Caldor got 2% off or a net payment within 30 or 60 days. This saved the company

1586-498: The company. At the time of this announcement, Caldor had 100 stores and over $ 1 billion in sales. After his three-year contract with Associated Dry Goods expired, Bennett looked forward to retirement and spending time relaxing, playing tennis, reading a few new books, and vacationing. ADG wanted Bennett to stay as long as possible. "After all", said one corporate insider, "Carl Bennett is Caldor". Bennett died on December 23, 2021, aged 101. In 1989, May Department Stores (which

1647-500: The country. May was purchased by Federated Department Stores in June 2005. Terry Lundgren, Federated's chairman, president and chief executive officer, announced on January 12, 2006 that Federated Department Stores would be selling the Lord & Taylor chain by the end of the year. On June 22, 2006, it was announced that NRDC Equity Partners, LLC would purchase Lord & Taylor for $ 1.2 billion (~$ 1.75 billion in 2023). The sale that

1708-508: The couple used their $ 8,000 savings (equivalent to $ 93,908 in 2023) to open a 9,600-square-foot store in a second floor loft in Port Chester, New York . They named it Caldor, a blending of their first names. Specializing in name-brand hard goods such as appliances, electronics, home furnishings, jewelry, and sports equipment for middle to upper middle class income yet bargain-conscious consumers. Their slogan, "Where Shopping Is Always

1769-469: The defunct W. T. Grant, giving Caldor immediate access to locations that were already zoned for retail outlets and access to fast-tracked expansion. According to Bennett, those stores became "immediately profitable" for Caldor. Caldor was the subject of a lawsuit filed by former employee Donald Thornton, who claimed he was fired by the company for refusing to work on Sunday, which was his Sabbath day . Thornton contended that by forcing him to work one Sunday

1830-447: The flyer were distributed to the public via an 85-newspaper distribution chain. Caldor released a statement expressing its mystification over how the image was created and got past proofreaders, and issued an apology about the oversight. In January 1998, Caldor had $ 1.2 billion in liabilities and $ 949 million in assets, one of the worst deficits the company ever had. A few months later, Caldor closed another 12 stores, mostly in

1891-538: The former ADG department stores into its own divisions with the exception of the upscale Lord & Taylor , which was a long-time fashion leader and considered the “ crown jewel ” of Associated. When the May Company acquired ADG in 1986, it was assumed that May bought ADG just for the upscale Lord & Taylor division. During the final year of retail operation, ADG operated over 155 department stores, in addition to Caldor (a northeast upscale discount chain), and Loehmann's , (a specialty off price retailer). After

Mercantile Stores Company, Inc. - Misplaced Pages Continue

1952-522: The former Denver Dry Goods/May D&F locations) would either be converted to Macy's or sold. The Diamond , Charleston, West Virginia , was a small 2 store division located in West Virginia. ADG sold this division in 1983 to Stone & Thomas due to limited growth potential. Goldwaters , Phoenix, Arizona , was founded in Gila City, Arizona in 1860. It moved to Phoenix in 1872 and

2013-456: The former Robinsons of Florida locations were subsequently sold by Maison Blanche to Dillard Department Stores in 1991. The Sibley, Lindsay & Curr Co. – Rochester, New York , and Syracuse, New York , founded in 1868, was since 1961 a division of Associated Dry Goods Corporation and was acquired by May in the 1986 May/ADG merger. It consisted of 14 locations in NY. It had previously absorbed

2074-786: The merger of Cincinnati-based H.& S. Pogue Co. (5 locations) into Indianapolis-based L. S. Ayres . Also in 1983 The Diamond division (2 locations) of West Virginia was sold to Stone & Thomas . In 1984, Stix Baer & Fuller (12 locations) in St. Louis, Missouri was sold to Dillard Department Stores . Also, in 1984, the Baltimore-based Stewart & Company division was merged into its Caldor discount division. The Powers Dry Goods Company (9 locations) in Minneapolis, Minnesota were sold to Allied Stores ' The Donaldson Co. in 1985. In early 1986, they merged

2135-428: The newly acquired locations where there already were Dillard's stores to The May Department Stores Company and Proffitt's Inc. 39°19′24″N 84°29′32″W  /  39.32329°N 84.49216°W  / 39.32329; -84.49216 This United States retail business article is a stub . You can help Misplaced Pages by expanding it . Associated Dry Goods Associated Dry Goods Corporation ( ADG )

2196-485: The real-estate. J. W. Robinson's – Los Angeles, California , was a division of Associated Dry Goods since 1957, and consisted of 21 locations in California. J. W. Robinson's was acquired by May in the October 1986 May/ADG merger. It was historically a carriage-trade department store and operated in tandem with May's own middle-tier May Company California division for several years. In 1989 it took over operation of

2257-456: The remainder of the 1960s and the 1970s, the economy saw years of booming consumer consumption, as well as contraction and recession. Throughout these changing times and varied economic climates Caldor continued to show healthy profits and expansion. Many Caldor competitors, such as E.J. Korvette , Grand Way Stores , Two Guys , and W. T. Grant , did not fare as well and would shut down. In 1976, Caldor took over seven stores formerly operated by

2318-465: The remaining units were absorbed by May D&F (May Daniels & Fischer) in 1987. May D&F ended up absorbing 3 stores from The Denver Dry Goods Co.. In 1989, May D&F also absorbed ADG's former Goldwater's location in Albuquerque. In 1993, May D&F was merged into May's Foley's division of Houston. After May was bought by Federated, it was announced that most Foley's stores (including

2379-412: The remnants of the chain were merged with John Claflin's stores H.B. Claflin & Company , along with Lord & Taylor , Stewart & Co. , Hengerer's , and J. N. Adam & Co. (with financing from J. P. Morgan & Company ), to create Associated Dry Goods. Other stores were spun off to Mercantile Stores Co. Through the 1950s, 1960s and 1970s ADG continued to expand through acquisitions. In

2440-409: The week, along with an annual catalog-like "Toy Book" which featured its toy selection for the holiday season. In November 1998, the company suffered a public relations embarrassment when the 1998 Toy Book featured a prominent photograph of two grinning boys playing the board game Scrabble , with the word "rape" spelled out in the center of the board, buried amongst nonsense words. 11 million copies of

2501-508: The years. With business growing steadily, the original store was replaced in 1953 with an expanded location in Port Chester, NY that also provided more modern amenities. A second Caldor was added in 1958, a 70,000-square-foot store in Norwalk, CT . This year also marked Caldor's introduction of apparel to its product line. In 1961, with four locations, Caldor Inc. went public with Carl Bennett serving as president, director, and chairman of

Mercantile Stores Company, Inc. - Misplaced Pages Continue

2562-469: Was Associated Dry Goods' successor upon merging with May in 1986) announced it would sell Caldor to a group that included Odyssey Partners and Donaldson, Lufkin & Jenrette . As the 1990s emerged, Caldor would run into troubles. In 1995, Caldor filed for Chapter 11 bankruptcy protection. The chain found itself unable to compete with the lower prices and wider selection of such stores as Wal-Mart (which had acquired several former Caldor stores), causing

2623-572: Was a chain of department stores that merged with May Department Stores in 1986. It was founded in 1916 as an association of independent stores called American Dry Goods , based in New York City . The chain began when Henry Siegel , who had founded department store Siegel, Cooper & Co. in Chicago , obtained financing from Goldman Sachs for a store in New York City in the early twentieth century. Though Siegel failed in his endeavor,

2684-495: Was a discount department store chain founded in 1951 by husband and wife Carl and Dorothy Bennett. Referred to by many as "the Bloomingdale's of discounting," Caldor grew from a second story "Walk-Up-&-Save" operation in Port Chester , New York, into a regional retailing giant. Its stores were earning over $ 1 billion (~$ 2.41 billion in 2023) in sales by the time Carl Bennett retired in 1985, by which time Caldor

2745-472: Was a division of Associated Dry Goods Corp. from its inception in 1916. The chain closed in 1960. L. S. Ayres & Co, Indianapolis, Indiana , was acquired by Associated Dry Goods Corp in 1972. L. S. Ayres & Co. absorbed Pogue's of Cincinnati in 1984 and Stewart's of Louisville in 1985. Upon completion of these mergers, L. S. Ayres & Co. consisted of 25 stores in Indiana, Ohio, and Kentucky, After

2806-456: Was a division of Associated Dry Goods when acquired by May in 1986. It had been founded in the 1970s as an attempt by ADG to emulate the success of its upscale J.W. Robinson's stores (of Los Angeles) on the fast-growing Florida Gulf Coast. Rather than invest in the then stagnant Florida market, May sold the division in 1987 (seven stores) to Maison Blanche/Gouchaux Co. of Baton Rouge, Louisiana, to be operated as Maison Blanche stores. The bulk of

2867-432: Was a subsidiary of Associated Dry Goods . Despite its successes, Caldor suffered from financial issues by the 1990s. The company was liquidated and all 145 stores were closed by May 1999. In 1951, while shopping at an E. J. Korvette store in New York City, newlyweds Carl and Dorothy Bennett were inspired to open their own discount store that would be different from the average postwar discount retailer. They envisioned

2928-475: Was acquired by Associated Dry Goods Corp. in 1962. In 1984, it was merged into L. S. Ayres & Co. of Indianapolis. After the May/ADG merger, its former branch locations were swiftly shuttered or sold to Hess's and JCPenney in 1987 and 1988 and the downtown flagship demolished. Hahne & Co. , Newark, New Jersey , was part of the 1916 conglomeration of American Dry Goods (later renamed Associated). After relocating its corporate offices from downtown Newark to

2989-591: Was acquired by Associated in 1963. It consisted of 9 locations in Arizona, New Mexico, and Nevada. The chain became a division of May as part of the May/ADG merger in 1986. May dissolved the division in 1989 and split the stores into three other May divisions. Eventually May D&F, May Company California and J. W. Robinson's absorbed various stores with the Tucson-area stores being sold to Dillard's Department Stores. The H.& S. Pogue Co. , Cincinnati, Ohio ,

3050-522: Was acquired by The Donaldson Company (of Minneapolis, a unit of Allied Stores Corp.), which gave Donaldson's some breathing room against dominant rival Dayton's . In 1987, after Campeau Corp.'s buy-out of Allied Stores Corp., Donaldson's was purchased by Carson Pirie Scott & Co. of Chicago which renamed its stores with its own imprimatur. Carson's in turn was acquired by P.A. Bergner & Co. of Milwaukee (and formerly of Peoria, Illinois) in 1989. They filed for bankruptcy in 1991. In 1995 Carson's sold

3111-490: Was announced that most Kaufmann's stores would either be converted to Macy's or sold. All the former Hengerer's locations became Macy's in September 2006. Joseph Horne Co., Pittsburgh, Pennsylvania . This was historically the carriage-trade department store of Pittsburgh. For several decades was in direct competition with cross-town rival Kaufmann's (a division of May). It was acquired by Associated Dry Goods in 1972 – and eventually acquired by May in October 1986 as part of

SECTION 50

#1732787361547

3172-496: Was announced that most Famous-Barr – L. S. Ayres stores would either be converted to Macy's or sold. Lord & Taylor , New York, New York , was founded in 1826. The chain was a founding member of the Associated Dry Goods Corp. organization (then American Dry Goods) in 1916. It became part of May in the 1986 May/ADG merger. While a part of Associated and under the leadership of CEO Joseph E. Brooks, during

3233-601: Was completed four months later in October 2006. After its 2008 purchase of the Canadian department store retailer Hudson's Bay Company , NRDC has stated that it plans to open stores internationally. In 2019, clothing rental firm Le Tote purchased the Lord & Taylor chain. On August 27, 2020, it was announced that Lord & Taylor will be going out of business after a bankruptcy filing on August 2, six years shy of its 200th anniversary. The Powers Dry Goods Co, Minneapolis, Minnesota , consisted of 7 locations. In 1985, it

3294-452: Was designed to look more like a department store than a discounter, and many were even designed by the same firms used by more up-scale retail environments. They featured wide aisles, bright lighting, and large, colorful display treatment, and were typically remodeled every six years. In September 1980, Carl Bennett was named “Discounter of The Year” by a national poll of the top US retailing executives, sponsored by Discount Store News . At

3355-650: Was for Caldor to liquidate rather than continue to operate. In addition, Caldor's stock was delisted on the New York Stock Exchange in September 1997. Caldor responded by seeking mediation to resolve the dispute, but in January 1999 the company deduced that there was nothing they could do to save themselves. On January 9, Caldor announced it would not place any more orders for, nor would they accept shipments of, new merchandise for their stores. Thirteen days later, on January 22, Caldor's chairman announced

3416-433: Was formed in 1914 out of the bankruptcy of H.B. Claflin & Company . Its stores were separated into two store chains, Associated Dry Goods - with brands such as Lord & Taylor and Hengerer's - and Mercantile Stores Company. In May 1998 Mercantile Stores was acquired by Dillard's of Little Rock, Arkansas, for $ 2.9 billion (~$ 5.06 billion in 2023). Later that year, Dillard's announced plans to sell off 26 of

3477-476: Was founded in 1874 as Barnes, Bancroft & Co.. It adopted the Hengerer name in 1895 and was purchased in 1905 by J. N. Adam & Co. It was a division of Associated Dry Goods Corp. from its inception in 1916. In 1981, ADG merged Hengerer's into Sibley, Lindsay & Curr Co. of Rochester. After the May/ADG merger, Sibley's was merged into May's Kaufmann's division in 1992. After May was bought by Federated, it

3538-422: Was merged into L. S. Ayres & Co. of Indianapolis and after the May/ADG merger in 1986, its former locations were shuttered or sold to Hess's in 1987. Stewart & Company – Baltimore, Maryland . ADG closed this Baltimore based division in 1982. All stores were converted into Caldor stores over an 18-month period. Stix Baer & Fuller – St. Louis and Kansas City, Missouri . In 1984, this division

3599-523: Was sold after several years of continued losses. Dillard Department Stores acquired ADG's Stix, Baer & Fuller's 12 stores for approximately $ 93 million. The downtown St. Louis flagship building was operated as a Dillard's for several years, then converted into a Dillard's clearance center, and finally shuttered. Loehmann's – the Bronx, New York . Loehmann's was acquired by ADG in 1983, and consisted of 81 locations in 28 states. This acquisition gave ADG

3660-523: Was sold off in parts, with Dillard's acquiring its three Ohio stores in 1992 and Federated Department Stores Lazarus division acquiring its remaining ten Pennsylvania stores in 1995. Federated eventually merged all of its divisions (including the former Joseph Horne/Lazarus locations) into Macy's. J. N. Adam & Co. , Buffalo, New York , was founded in 1881. It purchased Hengerer's in 1905 and, later that same year, both were sold to H.B. Claflin & Co., They later became United Dry Goods Companies. It

3721-534: Was upheld. In 1981, Associated Dry Goods (ADG), the owners of Lord & Taylor and other quality department stores, purchased Caldor, Inc. for $ 313 million (~$ 888 million in 2023). Attracted to its growth potential and low debt, the 63-store Caldor chain was ADG's first entry into the realm of discount retailing. Bennett was retained under a three-year contract, and ADG brought on several other Caldor executives. In March 1984, Carl Bennett announced that he would retire on May 31, 1985, after 33 years with

SECTION 60

#1732787361547
#546453