Failed Resurrection
As a condition of buying National from Loblaws, Schnucks had to sell off 24 stores for anti-trust reasons. In 1996, Family Company of America, a group led by Belleville, Illinois financial consultant James R. Gibson, bought 23 stores from Schnucks and reopened them under the name National Markets. However, the new National was unable to make much headway against Schnucks, and disappeared for good in April 1999.
After the bankruptcy, it emerged that Gibson had financed the purchase with money embezzled from 183 clients of his investment company, among them orphans, accident victims who trusted Gibson to invest money from their settlements, and disabled people who trusted him with their life savings. In 2005, Gibson was sentenced to 40 years in prison for his crimes. He will not be eligible for release until 2036, when he will be 91 years old.
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