Rich's (discount store)
| Company type | Private |
|---|---|
| Industry | Retail (discount department stores) |
| Predecessor | Jerry's Army Navy Surplus |
| Founded | 1962 |
| Founder | Jerry Rich, Bennett Rich, Howard Rich, Joel Saxe |
| Defunct | 1996 |
| Fate | Bankruptcy and closure |
| Headquarters | Salem , United States |
Area served | Maine, New Hampshire, Vermont, Massachusetts |
Key people | Jerry Rich, Bennett Rich, Howard Rich, Joel Saxe |
Number of employees | 2000 (1997) |
Rich's was a discount department store chain owned by a family, originating in 1962 as a successor to Jerry's Army Navy Surplus located in Salem, Massachusetts. The Rich family managed a total of 29 outlets spread across Maine, New Hampshire, Vermont, and Massachusetts.
History
Jerry Rich, an immigrant from Russia, launched Jerry's Army-Navy Surplus in Salem in 1929. In 1961, Rich's Department Stores was established by Jerry Rich along with his sons Bennett and Howard, and his son-in-law Joel Saxe. Inspired by retailers such as Ames and Bradlee's, Rich's focused on offering discounted brand-name products. By 1994, the company achieved sales totaling $240 million. Upon Jerry Rich’s passing in 1995, the chain operated 28 stores throughout the New England region.
Bankruptcy and closure
Confronted with industry consolidation and competition from Walmart, the company filed for bankruptcy on March 14, 1996. Financial records revealed assets valued at $63.4 million and liabilities amounting to $51.3 million. Although there was initial hope for a turnaround, all 28 stores located in Massachusetts, Maine, New Hampshire, and Vermont were shut down by December 1996. This closure led to nearly 2,000 employees losing their jobs by February 1997.