Pay 'n Pak
| File:Pay 'N Pak logo.png | |
| Company type | Home improvement retail |
|---|---|
| Founded | 1962 |
| Founders | Stan Thurman |
| Defunct | 2003 |
| Fate | Liquidation |
| Headquarters | |
Number of locations | 112 (1987) |
Areas served | Western United States |
| Products | Lumber, tools, hardware, garden supplies, plants |
Pay 'n Pak was a home improvement retail chain headquartered in Kent, Washington. Established in 1962 by Stan Thurman, who previously operated an electrical and plumbing supply business in Longview, Washington, the company expanded through a significant merger in 1969 with Eagle Electric & Plumbing, a firm led by Thurman's protégé David Heerensperger. Shortly following this merger, Thurman was removed from leadership, and Heerensperger assumed the role of chairman until his departure in 1989 to launch Eagle Hardware & Garden. By 1987, amid a hostile takeover attempt, Pay 'n Pak operated 112 outlets across the Western United States.
The chain's original flagship location in Kent was known as Pay 'n Pak Mall. This facility featured a segmented hardware store design, dividing departments into distinct specialty shops such as electrical, plumbing, and lumber sections. Additionally, it included a coffee shop. During the 1980s, a larger store adhering to this segmented format was constructed adjacent to the mall, which was subsequently sold.
Following the company's bankruptcy filing in 1991, Thurman Industries acquired four Pay 'n Pak locations situated in Butte, Montana, Billings, Montana, Moses Lake, Washington, and Wenatchee, Washington. These stores operated under the banner Thurman Pay 'N Pak home centers until March 2003 when Thurman Industries ceased operations and liquidated these remaining outlets. Meanwhile, Ernst assumed control of the Kent store and its distribution center.
From the late 1960s through the early 1980s, Pay 'n Pak sponsored an unlimited hydroplane racing team that secured the points championship for three consecutive years between 1973 and 1975. The company also supported the first turbine-powered hydroplane to win races from 1980 to 1983; however, this vessel crashed in 1980 and marked the final hydroplane to bear the Pay 'n Pak name.
History
- 1962 – Stan Thurman founds Pay 'n Pak
- 1969 – Merger with Eagle Electric & Plumbing; company goes public
- 1969 – Stan Thurman removed; David Heerensperger appointed chairman
- 1988 – Company taken private for $226 million following hostile takeover attempt
- 1989 – Departure of David Heerensperger as chairman
- 1991 – Filing for Chapter 11 bankruptcy protection
- 1992 – Remaining stores liquidated; four locations acquired by Thurman Industries and rebranded as Thurman Pay 'n Pak
- 2003 – Thurman Industries closes and liquidates last four stores
External links
Sources
- Robert LaFranco. "Comeuppance?" Forbes, December 4, 1995, Volume 156, Issue 13, page 74(3)
References
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- Pages with script errors
- Articles with short description
- Pages with broken file links
- Retail businesses founded in 1962
- Defunct American retail companies
- Washington (state) based defunct companies
- Companies headquartered in Kent, Washington
- Hardware retail chains in the United States
- Companies that filed Chapter 11 bankruptcy in 1991
- Retailers closed in 2003
- Home improvement retail chains in the United States
- 1962 establishments in Washington (state)
- Defunct retail companies of the United States