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Best Products

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Best Products Company, Inc.
Company typePublic (NASDAQ: BESTQ)
IndustryRetail (Catalog merchant showroom)
Founded1957; 69 years ago (1957)
FounderSydney Lewis
Frances Lewis
DefunctTemplate:End date and age (final stores shuttered) Template:End date and age (liquidation finalized)
FateChapter 11 bankruptcy liquidation
HeadquartersRichmond, Virginia
ProductsHome furnishings, consumer electronics, jewelry, housewares, toys
SubsidiariesAshby's, Basco, Dolgin's, Great Western, Jafco, Labelle's, Miller Sales, Modern Merchandising, Rogers

Best Products Company, Inc., commonly referred to as Best, was a United States-based catalog showroom retail chain established in 1957 by Sydney and Frances Lewis with headquarters located in Richmond, Virginia. The business operated for approximately 40 years before closing all locations by February 1997 and completing liquidation by December 1998. When the company filed for its second bankruptcy in September 1996, it managed 169 Best stores and 11 Best Jewelry outlets across 23 states along with a nationwide mail-order operation. During its active years, Best Products was publicly traded on the NASDAQ stock exchange under the ticker symbol "BESTQ".

History

Sydney and Frances Lewis founded the company. Sydney Lewis, a lawyer trained at Washington and Lee University and Harvard Business School, initially worked alongside his father overseeing an encyclopedia sales business in Richmond. He conceived the idea of offering additional merchandise bundled with encyclopedia billing. The first catalog was distributed in 1957. Their initial showroom opened at 4909 West Marshall Street in Richmond, situated directly opposite the then-new Willow Lawn Shopping Center.

The company was recognized for its innovative marketing approach and appreciation for the arts; it became well-known within artistic communities for exchanging store merchandise for artwork. Consequently, both the corporation and the Lewises amassed an extensive collection of 20th-century art pieces. Significant portions of this collection are displayed at the Virginia Museum of Fine Arts, which also inaugurated a café named after the company in 2010.

File:Best Cafe, Virginia Museum of Fine Arts - Richmond, Virginia.jpg
Best Café at the Virginia Museum of Fine Arts in Richmond, Virginia

Sculpture in the Environment

During the 1970s, Best Products engaged James Wines' "Sculpture in the Environment" (SITE) architectural firm to create nine unconventional retail buildings. Among these was the famously whimsical "Indeterminate Facade" located in Houston, Texas, featuring a deliberately distressed exterior. This building reportedly appeared more frequently in publications on 20th-century architecture than any other modern structure.[1] In Richmond, distinctive showrooms included the Peeling Wall on Midlothian Turnpike with a facade designed to look as though it were peeling away and the Forest showroom at 9008 Quioccasin Road, which incorporated actual trees growing through its structure. The Sacramento location featured a unique design where its corner entrance slid open each morning and closed at night; this building is now occupied by a Best Buy store after removal of its original entry feature.[2] Photographs of these architecturally notable storefronts were often included in Best catalogs. One such building anchored the Eudowood Plaza in Towson, Maryland, distinguished by a tilted façade. By 2007, most of these signature structures had been either stripped of their artistic elements or demolished; the sole remaining building retaining its original design is Richmond’s Forest Building, currently housing West End Presbyterian Church—which has reported that the forest-themed entryway enhances their environment.

Constructed in 1981 on Parham Road as the company’s headquarters and designed by Hardy Holzman Pfeiffer, this building received an award from the American Institute of Architects and incorporated Art Deco eagle sculptures salvaged from a New York City edifice.[3] The large "BEST" signage atop this headquarters was visible from Interstate 95 near Parham Road. Later on, Hardy Holzman Pfeiffer also designed the West Wing addition to the Virginia Museum of Fine Arts with funding provided by the Lewises.

Retail concept

Best utilized the "catalog showroom" model for a significant portion of its merchandise. While certain product lines, such as sporting goods and toys, were available in conventional self-service aisles, the bulk of items—especially consumer electronics, housewares, and appliances—were presented as unboxed display units. Shoppers had the opportunity to interact with and test these display models before deciding to purchase. To complete the transaction, customers placed orders with store staff, who then retrieved the sale-ready merchandise, typically boxed or in original packaging, from storage and delivered it to a customer service counter for final purchase.

Acquisitions

In an effort to reduce expenses, Best collaborated with Service Merchandise (established by Harry Zimmerman) and Modern Merchandising (founded by Harold Roitenberg) to co-publish their catalogs, while maintaining regional non-compete arrangements with these retailers.

During 1982, Best expanded by acquiring competing catalog showroom chains: Basco, which operated 19 locations across the Northeast and Ohio; and Modern Merchandising, based in Minnetonka, Minnesota, which managed 76 showrooms under various brand names including LaBelle's, Dolgin's, Jafco, Miller Sales, Rogers, and Great Western. Subsequently, Best purchased Ashby's, a women's apparel chain with nine stores, and launched four Best Jewelry outlets within the Washington D.C. metropolitan area.

Bankruptcy

File:BestStore.jpg
Terrarium facade of Hialeah, Florida, showroom. The location is now an Office Depot.

Best filed for Chapter 11 bankruptcy protection on two occasions. The initial filing commenced in January 1991 and continued until June 16, 1994. The second and final bankruptcy petition was submitted in September 1996. At that time, Best operated a total of 169 Best stores along with 11 Best Jewelry locations across 23 states, complemented by a nationwide mail-order business.

The company’s stock was listed on the NASDAQ market under the ticker "BESTQ" but was removed from trading on November 29, 1996. The final Best retail outlets ceased operations on February 9, 1997. By May 1997, Best had sold off the majority of its assets and was officially declared insolvent. The corporation vacated its Richmond headquarters in January 1998 and issued last payments to unsecured creditors in December of that year, reimbursing them at 96 cents on the dollar.

References

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External links

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