Pergament Home Centers

Pergament Home Centers was a home improvement store chain with stores in New York, New Jersey, and Connecticut.[1] It specialized in the sale of flooring, paint, and wallpaper and was one of the first in the area to sell acrylic paint.[2][3] At its zenith, the chain had 42 stores and sales of $375 million.[2]

Pergament Home Centers
IndustryHome improvement
FateBankruptcy
Founded1935 (1935) in Franklin Square, New York, United States
FounderLouis Pergament
Defunct2001 (2001)
ParentMancuso & Co.

In 2001, after facing stiff competition from The Home Depot and Lowe's, the company filed bankruptcy and shut down.[1]

History

The company had its roots in a store opened in 1935 by Louis Pergament in Franklin Square, New York.[1][3]

In 1989, Mancuso & Co., owned by Robert F. Mancuso, and Equitable Capital Management acquired the company from the founding family for as much as $175 million via a leveraged buyout.[2] Equitable Capital Management invested over $11 million in the acquisition.[4] Michael H. Lurie became president and chief operating officer.[5]

In 1992, the company was restructured, including layoffs and store closings.[1][2] Control of the company wound up in the hands of its lender, Westdeutsche Landesbank.[2]

In 1998, the company closed its last store in Connecticut.[6]

In 2001, after facing stiff competition from The Home Depot and Lowe's, the company filed bankruptcy and shut down.[1]

In 2013, Bob Pergament, the son of the founder, told his memoirs about the chain.[3]

References
  1. PRISTIN, TERRY (February 27, 2001). "Pergament Home Centers, Now Bankrupt, Is Going Out of Business". The New York Times.
  2. Madore, James T. (February 29, 2000). "Pergament Home Centers Sold to Venture Capitalists". Newsday. Bloomberg News.
  3. "Pergament memoir is must-read" (Press release). PR Newswire. August 15, 2013.
  4. "EQUITABLE CAPITAL PARTNERS, L.P. 1997 Form 10-K". U.S. Securities and Exchange Commission.
  5. CUFF, DANIEL F. (December 6, 1989). "A New Team in Place At Pergament Chain". The New York Times.
  6. "PERGAMENT EXPRESS TO CLOSE LOCAL STORE". Hartford Courant. March 6, 1998.
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