McCrory Stores Corporation
McCrory Stores Corporation was a five and dime[1] which became insolvent during the Great Depression, filing for bankruptcy in 1933.[2] The chain store competed successfully with the F. W. Woolworth Company and S. H. Kress during the 1920s.[1] McCrory Stores Corporation was incorporated in 1915 as a successor to the J.G. McCrory Company. Its primary offices were at 1107 Broadway.[3]
Expansion, then failure
One of the firm's policies was to acquire locations whenever property could be found at a reasonable purchase price. In November 1925, approximately ⅔ of its stores were leased, with the remainder owned by a subsidiary, the McCrory Realty Corporation. The retailer's gross sales approached $30 million by the mid-1920s, when it operated 187 stores.[4]
With 244 retail units in its chain, the company admitted bankruptcy in January 1933. Aside from New York City, McCrory's maintained stores in Philadelphia, Pittsburgh, Middletown, Pennsylvania, Washington, D.C., Rochester, New York, and other eastern and southern United States cities.[3] The Irving Trust Company of Newark, New Jersey was named an ancillary receiver for McCrory's on January 16, 1933.[5]
J.G. McCrory went on to found McCrory Stores.
References
- 1 2 Chain Stores Do Record Business, Wall Street Journal, April 16, 1923, pg. 1.
- ↑ McCrory Stores, Wall Street Journal, January 17, 1933, pg. 7.
- 1 2 McCrory Stores Admit Bankruptcy, New York Times, January 15, 1933, pg. 10.
- ↑ McCrory Stores Business Grows, Wall Street Journal, November 6, 1925, pg. 9.
- ↑ McCrory Receiver Named in Jersey, New York Times, January 17, 1933, pg. 35.
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