Jamesway

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Jamesway

File:Jamesway Discount Stores Final Logo.png
Company type	Department store
Industry	Retail
Founded	1961 (1961) Jamestown, New York, U.S.
Founder	Herbert Fisher
Defunct	Template:End date and age
Fate	Bankruptcy; select former locations converted to Ames
Headquarters	Secaucus, New Jersey, U.S.
Number of locations	138 (1991)
Products	Clothing, footwear, bedding, furniture, jewelry, beauty products, toys, electronics and housewares.
Number of employees	7,400 (1993)

Jamesway Corporation, widely known simply as Jamesway, operated as a discount department store chain headquartered in Secaucus, New Jersey. Established in 1961 with its inaugural outlet in Jamestown, New York, the company expanded to manage 138 stores at its zenith across the Northeast and mid-Atlantic regions.

Despite earlier growth and expansion, Jamesway encountered severe financial difficulties during its final years. These challenges led to two separate bankruptcy filings and ultimately resulted in the chain ceasing operations by 1995.

History

The origin of Jamesway dates back to 1961 when Herbert Fisher launched the first store. The brand name was derived from the town of its original location, Jamestown, New York. By 1991, the company had grown to operate 138 stores throughout the mid-Atlantic area of the United States and employed close to 6,000 individuals. Its presence spanned states including New York, New Jersey, Pennsylvania, Maryland, Ohio, Virginia, and Delaware, among others. The corporate headquarters were situated in Secaucus, New Jersey. The company experienced substantial growth during the 1960s and maintained this trajectory into the 1980s. Throughout this era, Jamesway acquired numerous properties previously owned by now-defunct discount retailers such as Two Guys, Woolco, King's, and one from Mays. Additionally, it absorbed the Westons chain of discount stores in the late 1970s. The original Jamestown location was relocated to the Chautauqua Mall in the late 1980s.

On April 29, 1990, Jamesway store number 20 in Monroe, New York was severely damaged by a large fire.

Bankruptcy

In February 1991, Peter Hollis—formerly president and CEO of Ames—joined Jamesway as president. That same year in April, aiming to improve its financial standing, Jamesway arranged a $40 million refinancing deal and closed 11 stores that were underperforming.

By December 1992, an additional 13 locations were shut down.

In January 1993, Jamesway introduced a revamped store concept with plans to renovate all 127 stores over three years. This included completely overhauling 30 stores with enhancements such as improved lighting, reconfigured layouts, and upgraded signage. Joseph Ettore returned to lead Jamesway in June 1993 after having previously worked there during the 1980s and a stint at Stuart’s Department Stores. On July 19, 1993, the company filed for Chapter 11 bankruptcy protection. Prior to this filing, Jamesway reported sales of $1.05 billion and employed approximately 7,400 people. In August of that year, management announced a reduction of 70 headquarters positions alongside organizational restructuring. Ettore emphasized their commitment to continuing operations. In December 1993, plans were revealed to close 14 stores and remodel another 11 as part of efforts to emerge from bankruptcy.

Jamesway exited bankruptcy protection in January 1995 with a remaining network of 90 stores. By May of that year, the company sought potential buyers. Ames was considered the leading candidate for acquisition while Hills and Caldor were also potential suitors. At this point in time, the workforce numbered around 5,900 employees.

However, just months later in October 1995—less than two years after emerging from bankruptcy—Jamesway filed for Chapter 11 protection again. Days before this filing occurred, approximately three percent of employees were laid off. The decision was made to close all remaining outlets immediately with liquidation sales commencing between October and December of that year.

Factors contributing to this ultimate failure included persistent weak sales performance coupled with operational losses and restricted access to trade credit. During this period Walmart had expanded aggressively into territories overlapping with Jamesway’s locations, intensifying competitive pressures. Following Jamesway’s closure, Ames acquired eleven former Jamesway sites and reopened them under its own brand; however, Ames itself filed for bankruptcy in 2001 and shuttered all stores by 2002.

External links

• Profile of Jamesway Corporation Archived 2004-12-01 at the Wayback Machine