Not all bankruptcies have happy endings. There are many iconic stores that filed bankruptcy. These stores just could not change with the times, had poor financial decisions or competitors took over. Unfortunately, they just had no other choice but to either merge with another company, file bankruptcy, close their doors or move their business to another subsidiary.
As a bankruptcy attorney, I pride myself with helping my clients to succeed with their financial successes through the bankruptcy process. It gives me a great deal of pleasure to see my client’s businesses move forward. Businesses complete their bankruptcies and move forward with a fresh start.
I would like to share with you one of these iconic stores. I will share a little background about this store and hope this brings back memories to you.
F. W. Woolworth Company (https://en.wikipedia.org/wiki/F._W._Woolworth_Company)
The first Woolworth Store was opened by Frank W. Woolworth on February 22, 1879. It was originally opened as ” Woolworth’s Great 5 Cent Store”. Every item they sold was priced at 10 cents or less https://www.housebeautiful.com/lifestyle/g4051/five-and-dime-stores/.
Woolworth continued to grow.
By 1929, there were 2,250 stores. Woolworth closed their doors in 1997. The company decided to focus primarily on sporting goods. They renamed themselves: Venator Group. By 2001, the company focused exclusively on the sporting goods market and changed its name to Footlocker https://en.wikipedia.org/wiki/Foot_Locker . As you know, Foot Locker is still in business. Its five and 10 cent origins remain an answer to a trivia question only.
However, there are some traces of what is left of the Woolworth name throughout the world. One example is the German unit known as Deutshe Woolworth Gmb H & Company OHG https://en.wikipedia.org/wiki/Deutsche_Woolworth_GmbH_%26_Company_OHG . They have operated independently since 1998 and own the rights of the Woolworth in continental Europe.
They have not totally disappeared from the face of the earth due to Bankruptcy. The surviving company, Foot Locker, is a mere shadow of its original retailer behemoth. Woolworth is not alone in iconic stores that filed bankruptcy.
We can use nostalgia as a method to learn from our mistakes to improve our future. As a bankruptcy attorney, my goal and track record has been and continues to be to move my clients into an upward financial state through bankruptcy.
I am here to help you. Call me and set up a free NJ Bankruptcy Consultation. Ralph A. Ferro, Jr., Esq. https://njbankruptcylawfirms.com/contact-us/
I will continue to provide other blogs regarding famous stores who filed bankruptcy.