E.J Korvettes "Korvettes"
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Established in 1948 in New Yorkby two World War II Veterans Eugene FerKauf & his War Brother Joe Zwillenberg |
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Korvettes was the first department Store to broke all the rules and regulation ofsuggested retail prices anti-discounting laws |
Korvettes was the first department Store to broke all the rules and regulation of suggested retail prices anti-discounting laws. Therefore, you could buy luxury items for one-third of the suggested retail prices; that was sweet.
Korvettes was running the Five and Dime Stores retailers such as Woolworth's, McCrory's, and S.S. Kresge ran out of business. Macy's, Gimbels, Gertz were having it hard too; because they were not able to provide their customers with the same discounts for the same items Korvettes was selling them for. Macys & Gimbles took them to court several times on the act of the "Trade Fair" law, but they always got off the Lawsuits. Therefore, New Yorkers believed Korvettes was owned by the Mob.
In the 1970's Arlen Realty and Development Corporation ( Land Developer) brought Korvettes so they could use the fifty (50) Korvette stores for cash flow in their Real Estate investments.
Then, in 1979 Korvettes was sold to Agache-Willot Group of France, whose goal was to get as much money as they could (get their money back plus make a profit). Therefore, they closed the stores that made the least amount of capital, sold everything in the stores down to the fixtures and equipment, and even the Property (Real Estate) in which, Korvettes had profitable locations.
Then in 1980, they declared Bankruptcy on December 24th, 1980; I remember that people were doing all of their Christmas shopping at Korvettes because they were closing for good on Christmas Eve, and the price was so right! All of the 17 Stores closed. Korvettes died and Alexanders, Macy's, Gertz, Gimbels, and Saks were back in business for good.
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