Reynolds Brothers

Reynolds Brothers, Inc.

File:Reynolds Brothers store sign.jpg Store signage c. 1996
Company type	Privately held
Industry	Retail
Founded	1899 (1899)
Founder	George F. Reynolds
Headquarters	Lakewood, New Jersey, United States
Number of locations	30 (at peak)
Area served	New Jersey
Products	Apparel and accessories
Number of employees	Approximately 400 (at peak)

Reynolds Brothers, commonly referred to as Reynolds, is a department store chain operating within New Jersey. Established in 1899, it maintained a single store for more than six decades before expanding into a regional chain specializing in family apparel and accessories. Founded by George F. Reynolds, management was subsequently passed down to his son and grandson. In the late 1970s, the company introduced Rafters, an off-price women's clothing line. By 1996, Reynolds Brothers had grown to 22 locations before being acquired by a private investment group. The chain reached its maximum size of roughly 30 stores a few years later but encountered financial challenges. Following bankruptcy reorganization in 2004, the business contracted to just three stores.

Founding

The enterprise was established in 1899 by George F. Reynolds alongside Walter Hansen under the name Reynolds & Hansen. Its inaugural location was situated in Asbury Park, New Jersey. Eventually, Reynolds purchased Hansen’s share and brought his brother John into the partnership. After renaming the business Reynolds Bros., Reynolds also acquired his brother’s stake while retaining the same brand name. Initially, the store focused on dry goods and home furnishings before transitioning into a department store format emphasizing clothing for men, women, and children. A core company principle was to "always be honest with the customer".

The business relocated to Perth Amboy, New Jersey where it operated as a sole location for many years. Electric lighting was installed in 1909. Following renovations completed in 1930, it was described as "one of the most modern stores in New Jersey". After sustaining significant smoke and water damage from a fire that destroyed several neighboring buildings in January 1951, the store was restored and reopened.

Incorporation occurred in 1923 with long-serving employees appointed as board members. Additionally, staff with five years of tenure received five shares valued at $500, while those with over ten years were granted ten shares.

Reynolds leadership

George F. Reynolds assumed the role of chairman upon incorporation and held this position until his centennial birthday in April 1965. His retirement was marked by an open house event at the Perth Amboy location which he attended. He passed away on January 16, 1967, at the age of 101.

Charles H. Reynolds, George’s son and a Georgetown University alumnus, joined the firm in 1926. By 1955 he served as secretary-treasurer and eventually succeeded his father in leadership before his death in 1987.

The founder’s grandson, Charles H. Reynolds Jr., entered the company in 1954 and held positions including executive vice-president and general merchandising manager by 1964. A graduate of Cornell University and Harvard Business School, he became president in 1970 and assumed chairmanship after his father retired in 1978.

Expansion

In 1964, the company launched a second outlet located in the Toms River Shopping Center in Toms River. At that time, Charles H. Reynolds held the position of president. The store was noted for being fully air-conditioned. Meanwhile, George F., who was 99 years old, remained chairman of the board.

The Perth Amboy location ceased operations in 1966 after nearly six decades in business. Known as the city's largest clothing retailer and considered a local institution, it faced challenges due to a declining downtown area. Following this closure, the executive team moved their base to the Toms River store. Later in the same year, a new branch was inaugurated in Somerville at the Somerset Shopping Center. This establishment featured air conditioning and offered approximately 18,000 sq ft (1,700 m²) of retail space. It adopted a then-modern retail concept by dividing the store into specialty shops.

After assuming the presidency in 1970, Charles H. Reynolds Jr. propelled further growth by introducing a third store in Hackettstown, complementing the existing locations in Toms River and Somerville.

November 1972 saw the opening of a fourth store in Woodbridge, spanning 13,500 sq ft (1,250 m²). Situated roughly 5 miles (8.0 km) from the original Perth Amboy site, this outlet was distinguished as the first in the chain to showcase products using etageres. Its front facade included 40 feet (12 m) of glass window displays. The launch event featured a ribbon-cutting ceremony performed by a 12-year-old great-grandson of the company's founder.

In 1975, the company secured a $300,000 loan from the New Jersey Economic Development Authority aimed at constructing a warehouse and distribution facility in Toms River. This initiative was projected to generate 22 new employment opportunities. However, this distribution center was actually located at 1000 Airport Road in Lakewood, which also became the corporate headquarters.

The subsequent store opened in December 1975 in Manahawkin. This $1 million investment encompassed 13,000 sq ft (1,200 m²) of retail area. Reports indicated this as the fourth location; however, by 1978, the Woodbridge store was no longer listed as an active site and may have closed within a few years after its debut.

By 1978, under Charles Reynolds Jr.'s chairmanship, the company operated four stores situated in Toms River, Somerville, Manahawkin, and Hackettstown. The workforce totaled around 100 employees across retail outlets and headquarters. Joseph B. Siegel had recently been appointed president after being recruited from Roos/Atkins in San Francisco. Under his leadership, plans were underway to open two additional stores annually over five years throughout Monmouth and Ocean Counties. These stores typically measured about 15,000 sq ft (1,400 m²) and offered apparel and accessories for men, women, and children. The expansion strategy focused on shopping mall locations that provided superior parking facilities compared to traditional downtown storefronts.

In early 1985, a fifth branch was established in Rio Grande. At that time, other operational stores included Toms River, Somerville, Hackettstown, and Manahawkin. The Somerville outlet underwent significant renovations in 1986 to transition from a traditional style to a contemporary aesthetic. A sixth store debuted in September 1987 at Wall Township. The company's growth plan aimed to introduce new stores approximately every two years. Subsequently, a new location opened in Franklin Park in 1990.

Rafters subsidiary

In 1978, the company launched the off-price retail chain Rafters, which offered products at prices at least 20% lower than those in the regular full-price stores. This discount was achieved by minimizing expenses through more basic store layouts and displays, alongside operating with a reduced profit margin. By 1985, Rafters had expanded to eight stores in New Jersey and one location near Philadelphia, Pennsylvania. By 1986, the combined total of Reynolds and Rafters outlets reached 15. The company announced in 1987 its intention to open approximately three additional Rafters stores annually.

In 1993, the Somerville Reynolds store was transformed into a 12,000 square foot Rafters outlet. This change was prompted by stiff competition from retailers at the Bridgewater Commons mall. This particular store became the largest and 18th location within the Rafters network.

Sale and decline

The Reynolds family relinquished ownership of the business in 1996, as none of Charles H. Reynolds Jr.'s four children wished to continue involvement in the enterprise. The acquisition was made by an investment consortium led by William Goldman, proprietor of Excelled Sheepskin and Leather Coat Corp., based in Edison, New Jersey. At that time, eight Reynolds stores—all situated in New Jersey—and fourteen Rafters locations (twelve in New Jersey and two in Maryland) were slated to operate autonomously from the new ownership. Upon sale, Reynolds employed 340 individuals across its retail outlets and an additional 60 staff members at its headquarters and distribution center located in Lakewood.

During the late 1990s, sales experienced a sharp decline as the chain reached its peak size of roughly 30 stores. The company filed for Chapter 11 bankruptcy protection in 2004, subsequently closing several stores, discontinuing its trucking operations, and downsizing its workforce. By September 2004, it emerged from bankruptcy managing only three stores with a staff reduced to 70 from a previous count of 150 employees. The distribution center was shuttered in favor of a direct shipping model from manufacturers to retail locations.

Other

For many years, the company's annual employee excellence award bore the name "Betty Award," honoring Elizabeth "Betty" Reynolds, spouse of Charles H. Reynolds Sr., who served as president for three decades and was son of the founder. Betty Reynolds passed away in 2000 at the age of 97.