McCrory Stores Corporation

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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]

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The Great Depression was a severe worldwide economic depression that took place mostly during the 1930s, beginning in the United States. The timing of the Great Depression varied across nations; in most countries it started in 1929 and lasted until the late-1930s. It was the longest, deepest, and most widespread depression of the 20th century. In the 21st century, the Great Depression is commonly used as an example of how intensely the world's economy can decline.

Chain store retail outlets that share a brand and central management, and usually have standardized business methods and practices.

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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.

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References

  1. 1 2 Chain Stores Do Record Business, Wall Street Journal, April 16, 1923, pg. 1.
  2. McCrory Stores, Wall Street Journal, January 17, 1933, pg. 7.
  3. 1 2 McCrory Stores Admit Bankruptcy, New York Times, January 15, 1933, pg. 10.
  4. McCrory Stores Business Grows, Wall Street Journal, November 6, 1925, pg. 9.
  5. McCrory Receiver Named in Jersey, New York Times, January 17, 1933, pg. 35.