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 2/3 of its stores were leased, with the remainder owned by a subsidiary, the McCrory Realty Corporation. The retailer's gross sales approached $30,000,000 by the mid-1920s, when it operated 187 stores.
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, Pennsylvania, Pittsburgh, Pennsylvania, Washington, D.C., and other eastern United States and southern United States cities. The Irving Trust Company of Newark, New Jersey was named an ancillary receiver (legal) for McCrory's on January 16, 1933.
J.G. McCrory went on to found McCrory Stores.
Read more about this topic: Mc Crory Stores Corporation
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