Bradlees
Encyclopedia
Bradlees was a chain of discount department stores which operated primarily in the Northeastern United States
. The chain went bankrupt in 2000 and all of its stores were closed by March 2001.
in 1958. The company was acquired by grocery chain Stop & Shop
in 1961, which owned the chain until 1992.
In the New York
/New Jersey
area, nearly all shopping centers that had Bradlees stores would also have a Stop & Shop
in the same plaza or, in some cases, connected with the store as a supercenter, but this ended when Stop & Shop pulled out of the New York market during the 1980s (not to return until 2000 when Royal Ahold bought the company and rebranded its Edwards chain as Stop & Shop).
Many Bradlees stores had snack stands/lunch counters that served hot dogs, soft pretzels, and various other food items to shoppers. In 1993, Bradlees added Pizza Hut
, Taco Bell
, and Dunkin' Donuts
items to some of the stores that didn't have snack stands as well as new stores constructed during this time.
During the 1970s and early 1980s (and again in the late 1990s), Bradlees was known for its TV and print ads featuring the character "Mrs. B." (played by actress Cynthia Harris
), depicted as the chain's buyer, who constantly searched for bargains to pass on to her customers. The advertising jingle went, "At Bradlees, you buy what Mrs. B buys. And nobody can buy like Mrs. B."
in June 1995 and closed down some underperforming stores in 1996. Some of those locations were turned into Ames.
James Zamberlan, former Senior Vice President of Lazarus Department Stores, was appointed as Executive Vice President of Bradlees on August 25, 1995. The company successfully emerged from bankruptcy in February 1999 after making a decent profit through 1998 and early 1999. Bradlees also took advantage of the liquidation and closure of competitor Caldor
shortly after its emergence from bankruptcy and purchased several of its former stores.
The fortunes of Bradlees took a turn for the worse in 2000 and on December 26, the company announced another filing for bankruptcy protection, and said that Bradlees would begin liquidation sales as soon as possible, ending business. Executives of Bradlees said it filed for bankruptcy protection because of a general economic downturn, including rising interest rates and higher gas and heating oil prices that had left customers with less disposable income
. The executives also said new competition, unseasonable weather in the first half of 2000, and the tightening of trade credit contributed to its inability to operate profitably.
In an interview just before the chain closed, analyst Eric Beder of Ladenburg Thalmann
& Co. said "They really needed a perfect economy to get this thing moved", referring to the attempt at recovery after the restructuring
of the company. "But the recent consumer spending slow down did not facilitate that environment", he said.
In early January 2001, the chain started their liquidation sales and the final store closed in March 2001. At the time of its liquidation
, the company had 10,000 employees and 105 stores in 7 states. Many of its former store locations were purchased by Wal-Mart
, although other locations became The Home Depot
, Forman Mills
, Shaw's Star Market, Target Corporation
, Kohl's
, Ocean State Job Lot
or Stop & Shop
. Stop & Shop owned much of its real estate even after it spun off the company. Stop & Shop was acquired by Ahold
in 1996, and some former Bradlees were sold to other Ahold divisions, such as Giant
.
When the Nasdaq
stock market
suspended trading in Bradlees stock, it closed at just under 22 cents.
Northeastern United States
The Northeastern United States is a region of the United States as defined by the United States Census Bureau.-Composition:The region comprises nine states: the New England states of Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont; and the Mid-Atlantic states of New...
. The chain went bankrupt in 2000 and all of its stores were closed by March 2001.
History
The first store was opened in New London, ConnecticutNew London, Connecticut
New London is a seaport city and a port of entry on the northeast coast of the United States.It is located at the mouth of the Thames River in New London County, southeastern Connecticut....
in 1958. The company was acquired by grocery chain Stop & Shop
Stop & Shop
The Stop & Shop Supermarket Company is a chain of supermarkets located mostly in the northeastern United States. Its main rivals are Shaw's Star Market and Hannaford in New England, while ShopRite and the A&P family of supermarkets are its main competition in New York and New Jersey.- History :Stop...
in 1961, which owned the chain until 1992.
In the New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
/New Jersey
New Jersey
New Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
area, nearly all shopping centers that had Bradlees stores would also have a Stop & Shop
Stop & Shop
The Stop & Shop Supermarket Company is a chain of supermarkets located mostly in the northeastern United States. Its main rivals are Shaw's Star Market and Hannaford in New England, while ShopRite and the A&P family of supermarkets are its main competition in New York and New Jersey.- History :Stop...
in the same plaza or, in some cases, connected with the store as a supercenter, but this ended when Stop & Shop pulled out of the New York market during the 1980s (not to return until 2000 when Royal Ahold bought the company and rebranded its Edwards chain as Stop & Shop).
Many Bradlees stores had snack stands/lunch counters that served hot dogs, soft pretzels, and various other food items to shoppers. In 1993, Bradlees added Pizza Hut
Pizza Hut
Pizza Hut is an American restaurant chain and international franchise that offers different styles of pizza along with side dishes including pasta, buffalo wings, breadsticks, and garlic bread....
, Taco Bell
Taco Bell
Taco Bell is an American chain of fast-food restaurants based in Irvine, California. A subsidiary of Yum! Brands, Inc., which serves American-adapted Mexican food. Taco Bell serves tacos, burritos, quesadillas, nachos, other specialty items, and a variety of "Value Menu" items...
, and Dunkin' Donuts
Dunkin' Donuts
Dunkin' Donuts is an international doughnut and coffee retailer founded in 1950 by William Rosenberg in Quincy, Massachusetts; it is now headquartered in Canton...
items to some of the stores that didn't have snack stands as well as new stores constructed during this time.
During the 1970s and early 1980s (and again in the late 1990s), Bradlees was known for its TV and print ads featuring the character "Mrs. B." (played by actress Cynthia Harris
Cynthia Harris
Cynthia Harris is an American film and television actress.She is known for her role as Helen Hunt's character Jamie Buchman's overbearing mother-in-law on Mad About You. She has also appeared in many television series and TV movies, such as L.A. Law, All My Children and in the classic drama, Edward...
), depicted as the chain's buyer, who constantly searched for bargains to pass on to her customers. The advertising jingle went, "At Bradlees, you buy what Mrs. B buys. And nobody can buy like Mrs. B."
Bankruptcy and closure
The first major Bradlees store closings came in 1988, when it exited from the Southern United States. It also closed a few stores in New Jersey. Bradlees had filed for Chapter 11 bankruptcyBankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
in June 1995 and closed down some underperforming stores in 1996. Some of those locations were turned into Ames.
James Zamberlan, former Senior Vice President of Lazarus Department Stores, was appointed as Executive Vice President of Bradlees on August 25, 1995. The company successfully emerged from bankruptcy in February 1999 after making a decent profit through 1998 and early 1999. Bradlees also took advantage of the liquidation and closure of competitor Caldor
Caldor
Caldor was a chain of American discount department stores headquartered in Norwalk, Connecticut, operating throughout the northeastern United States. At one time, the company was a subsidiary of May Department Stores; Caldor was among the country's largest discount retailers.Despite being a popular...
shortly after its emergence from bankruptcy and purchased several of its former stores.
The fortunes of Bradlees took a turn for the worse in 2000 and on December 26, the company announced another filing for bankruptcy protection, and said that Bradlees would begin liquidation sales as soon as possible, ending business. Executives of Bradlees said it filed for bankruptcy protection because of a general economic downturn, including rising interest rates and higher gas and heating oil prices that had left customers with less disposable income
Income
Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...
. The executives also said new competition, unseasonable weather in the first half of 2000, and the tightening of trade credit contributed to its inability to operate profitably.
In an interview just before the chain closed, analyst Eric Beder of Ladenburg Thalmann
Ladenburg Thalmann
Ladenburg Thalmann Financial Services, a NYSE Amex-listed company , is a diversified financial services company with two primary business lines: independent brokerage and advisory, and investment banking and capital markets...
& Co. said "They really needed a perfect economy to get this thing moved", referring to the attempt at recovery after the restructuring
Restructuring
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs...
of the company. "But the recent consumer spending slow down did not facilitate that environment", he said.
In early January 2001, the chain started their liquidation sales and the final store closed in March 2001. At the time of its liquidation
Liquidation
In law, liquidation is the process by which a company is brought to an end, and the assets and property of the company redistributed. Liquidation is also sometimes referred to as winding-up or dissolution, although dissolution technically refers to the last stage of liquidation...
, the company had 10,000 employees and 105 stores in 7 states. Many of its former store locations were purchased by Wal-Mart
Wal-Mart
Wal-Mart Stores, Inc. , branded as Walmart since 2008 and Wal-Mart before then, is an American public multinational corporation that runs chains of large discount department stores and warehouse stores. The company is the world's 18th largest public corporation, according to the Forbes Global 2000...
, although other locations became The Home Depot
The Home Depot
The Home Depot is an American retailer of home improvement and construction products and services.The Home Depot operates 2,248 big-box format stores across the United States , Canada , Mexico and China, with a 12-store chain...
, Forman Mills
Forman Mills
Forman Mills, Inc., is a Pennsauken, NJ, -based retail chain and department store with 28 stores, located in Philadelphia, Detroit, Baltimore, Delaware, New Jersey, Washington DC, Chicago, New York and their suburbs. They also operate a store at the Iverson Mall in Hillcrest Heights, Maryland...
, Shaw's Star Market, Target Corporation
Target Corporation
Target Corporation, doing business as Target, is an American retailing company headquartered in Minneapolis, Minnesota. It is the second-largest discount retailer in the United States, behind Walmart. The company is ranked at number 33 on the Fortune 500 and is a component of the Standard & Poor's...
, Kohl's
Kohl's
Kohl's Corporation is an American department store chain headquartered in the Milwaukee suburb of Menomonee Falls, Wisconsin, operating , 1,089 stores in 49 states. In 1998, it entered the S&P 500 list, and is also listed in the Fortune 500...
, Ocean State Job Lot
Ocean State Job Lot
Ocean State Job Lot, headquartered in North Kingstown, Rhode Island, is an American chain of 100 discount stores operating in Rhode Island, Massachusetts, Connecticut, New Hampshire, Maine, Vermont and Upstate New York...
or Stop & Shop
Stop & Shop
The Stop & Shop Supermarket Company is a chain of supermarkets located mostly in the northeastern United States. Its main rivals are Shaw's Star Market and Hannaford in New England, while ShopRite and the A&P family of supermarkets are its main competition in New York and New Jersey.- History :Stop...
. Stop & Shop owned much of its real estate even after it spun off the company. Stop & Shop was acquired by Ahold
Ahold
Ahold is a major international supermarket operator based in Amsterdam, Netherlands. Ahold is listed on Euronext Amsterdam and the Frankfurt Stock Exchange.-History:...
in 1996, and some former Bradlees were sold to other Ahold divisions, such as Giant
Giant Food of Carlisle, Pennsylvania
Giant Food Stores, LLC is an American supermarket chain that currently operates stores in Pennsylvania, Maryland, Virginia, and West Virginia under the names of Giant, FoodSource, and Martin's. Giant is a subsidiary of Netherlands-based Royal Ahold...
.
When the Nasdaq
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...
suspended trading in Bradlees stock, it closed at just under 22 cents.
External links
- History of Bradlees
- Story on the closing of all 105 Bradlees Stores
- Bradlee's Christmas "Smile" 1987 TV commercial
- Bradlee's "After Thanksgiving Sale" 1995 commercial
- Bradlee's "Mrs. B" 1996 commercial with Cynthia Harris
- Bradlee's "One Day Sale" 1998 commercial
- Bradlee's "Going Out of Business" commercial