Current Status of Former Subsidiaries
- Bi-Mart: Bi-Mart's parent company, Thrifty PayLess was sold to Rite Aid in October 1996 for $1.3 billion. Rite Aid sold Bi-Mart to Endeavour Capital in 1997. By 2004, Endeavour Capital transferred ownership of the company to its employees through an employee stock ownership plan.
- Ernst Home Centers: Ernst went public in 1994 in a bid to raise $50 million to open 55 superstores. Tough competition from larger stores forced the company to file for Chapter 11 bankruptcy in July 1996 and close 33 stores. The company suffered more losses and announced the closure of its remaining 53 stores in November 1996.
- Lamonts: In August 1989, Northern Pacific sold the chain to Scottsdale, Arizona-based Aris Corporation for $135 million. Lamonts filed for Chapter 11 bankruptcy in January 1995 and once more in January 2000. In April 2000, California-based Gottschalks purchased Lamonts' store leases for $19 million. The $19 million deal did not include Lamonts inventory, which was sold off. Gottschalks eventually filed for Chapter 11 bankruptcy and liquidated in mid-2009 during the Late-2000s recession.
- Price Savers Warehouse: Only three years after buying Price Savers, Kroger sold the 16-unit chain to a management-led investment group in September 1988. Kmart's Pace Membership Warehouse division acquired Price Savers for an undisclosed amount of cash in January 1991. Pace was eventually absorbed in Wal-Mart's Sam's Club division in 1993.
- Schuck's Auto Supply: In 1987, Jules and Eddie Trump combined Schuck's, Kragen Auto Parts, and Checker Auto Parts to form Northern Automotive; later renamed CSK Auto. CSK Auto made a public offering of its stock in 1998 and became to first major auto parts retailer to sell products on the internet in 1999. O'Reilly Auto Parts, the third largest U.S. auto parts chain, acquired CSK Auto for $528 million in 2008. O'Reilly converted all CSK Auto-owned stores to the O'Reilly name shortly after.
- Yard Birds: In 1987, Seattle Standard sold the chain to its employees through an employee stock ownership plan. Rich Gillingham, co-founder of Yard Birds, died in 1992. The company closed one store in 1993 and closed its last two stores in 1995.. The Olympia store was burned down in the late 1990s. The store in Chehalis still remains.
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Famous quotes containing the words current and/or status:
“We all participate in weaving the social fabric; we should therefore all participate in patching the fabric when it develops holes—mismatches between old expectations and current realities.”
—Anne C. Weisberg (20th century)
“Anthropologists have found that around the world whatever is considered “men’s work” is almost universally given higher status than “women’s work.” If in one culture it is men who build houses and women who make baskets, then that culture will see house-building as more important. In another culture, perhaps right next door, the reverse may be true, and basket- weaving will have higher social status than house-building.”
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