Rich's (discount store)

Rich's was a family-owned business that was established in 1962, grew out of Jerry's Army Navy Surplus in Salem, Massachusetts, USA. The Rich family once operated 29 stores in Maine, New Hampshire, Vermont and Massachusetts, which offered discounted merchandise.

For the Atlanta-based department store chain, see Rich's (department store).
Rich's Department Stores
Discount Department Store
IndustryRetail
FateBankruptcy
Founded1962
Defunct1997
HeadquartersSalem, Massachusetts
ProductsClothing, footwear, bedding, furniture, jewelry, beauty products, electronics and housewares.
WebsiteNone

History

Due to retail consolidation and pressure from WalMart, the chain went bankrupt on March 14, 1996.[1] Financial records in its bankruptcy filing detailed $63.4 million in assets and $51.3 million in liabilities.[2] Nearly 2,000 workers at the company's 26 stores in Massachusetts, Maine, New Hampshire, and Vermont lost their jobs by February 1997.

Notes
  1. "Department chain closing all 20 stores". Bangor Daily News. 1996-12-20. Retrieved 2011-11-05.
  2. Nolan, Jeffrey S. (September 1996). "RETAIL CONSOLIDATION IN EASTERN MASSACHUSETTS: TRENDS AND IMPLICATIONS FOR SHOPPING CENTERS" (PDF). Retrieved 10 July 2020. Cite journal requires |journal= (help)


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