Rich's (discount store)

Rich's was a family-owned business that was established in 1962, grew out of Jerry's Army Navy Surplus in Salem, Massachusetts, USA. The Rich family once operated 29 stores in Maine, New Hampshire, Vermont and Massachusetts, which offered discounted merchandise.

For the Atlanta-based department store chain, see Rich's (department store).
Rich's Department Stores
TypeDiscount Department Store
IndustryRetail
FateBankruptcy
Founded1962
Defunct1997
HeadquartersSalem, Massachusetts
ProductsClothing, footwear, bedding, furniture, jewelry, beauty products, electronics and housewares.
WebsiteNone

History

Jerry Rich, a Russian immigrant living in Salem, Massachusetts, established Jerry's Army-Navy Surplus in 1929.[1][2] Rich's was founded in 1961 by Rich, his sons and his son-in-law.[3] Similar to chain stores like Ames and Bradlee's, the chain offered discounted brand-name merchandise. At its peak, the business operated 29 locations across New England. In 1994, the company had sales of $240 million.[4] Due to retail consolidation and pressure from Walmart, the chain went bankrupt on March 14, 1996.[5] Financial records in its bankruptcy filing detailed $63.4 million in assets and $51.3 million in liabilities.[6] While the business was initially optimistic about its ability to emerge from bankruptcy,[7] the store would shutter all its locations in December 1996.[1] Nearly 2,000 workers at the company's 28 stores in Massachusetts, Maine, New Hampshire, and Vermont lost their jobs by February 1997.[4]

Notes
  1. Donker, Peter P. (20 December 1996). "RICH'S CALLS IT QUITS". Worcester Telegram & Gazette. Retrieved 2 November 2020.
  2. Donker, Peter P. (5 May 1995). "RICH'S POISED FOR FIGHT". Worcester Telegram & Gazette. Retrieved 2 November 2020.
  3. "Jerry's Army & Navy Store - SalWiki". www.noblenet.org. Retrieved 2 November 2020.
  4. Fahey, Tom (15 March 1996). "Rich's Stores in NH Ride Out Chapter 11". New Hampshire Union Leader. Retrieved 2 November 2020.
  5. "Department chain closing all 20 stores". Bangor Daily News. 1996-12-20. Retrieved 2011-11-05.
  6. Nolan, Jeffrey S. (September 1996). "RETAIL CONSOLIDATION IN EASTERN MASSACHUSETTS: TRENDS AND IMPLICATIONS FOR SHOPPING CENTERS" (PDF). Retrieved 10 July 2020. Cite journal requires |journal= (help)
  7. "Biz Briefs: Rich's Stores To Close. Alternative Medicine Plan. Four Stations Added. Biorelease Acquires. National Award". New Hampshire Union Leader. 9 October 1996. Retrieved 2 November 2020.


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