Times Square Stores
| Company type | Private |
|---|---|
| Industry | Retail (department store) |
| Founded | 1929 |
| Founder | George J. Seedman |
| Defunct | 1990 |
| Headquarters | New York City , United States |
Area served | New York, Puerto Rico |
Key people | George J. Seedman (founder, owner until 1987) |
| Products | Discount department store goods, women's apparel (via Finders Keepers) |
Number of employees | 2875 (1989) |
Overview
Times Square Stores—also known as TSS or TSS Seedman's—was a U.S.-based department store chain headquartered in New York City, operating from 1929 until 1989. By the late 1980s, the company managed 12 locations across New York and another six in Puerto Rico. Additionally, it owned Finders Keepers, an off-price women's apparel brand with 15 outlets. The New York locations varied in size, ranging between 160,000 and 220,000 square feet (20,000 m2). At its peak, TSS was recognized as Long Island’s leading discount department store chain.
History and Development
The enterprise was established in 1929 by George J. Seedman. In 1983, TSS considered launching an initial public offering on the American Stock Exchange, but withdrew the plan in 1984 after discovering that investors were only willing to pay approximately two-thirds of the asking price.
Seedman maintained ownership and management of the chain until 1987, when, at age 90, he began seeking potential buyers. That year, Price Club (which would later become Costco) announced intentions to acquire an 81% stake in TSS for $50 million (~$Template:Format price adjusted for inflation). However, after Seedman became aware of Price Club's plans to convert TSS stores into warehouse clubs, the deal fell through. Subsequently, later in 1987, ownership transferred to the Chicago-based Pritzker family for the same amount.
Market Position and Challenges
Though primarily a discount retailer, by the 1980s TSS focused its efforts on affluent markets such as Nassau and Suffolk Counties in New York State. Nine out of its twelve large-format stores were situated on Long Island; additional locations included two stores in Brooklyn on Linden Boulevard and Fourth Avenue, one in Queens at Farmers Boulevard within the Metro Mall on Metropolitan Avenue, and one in The Bronx.
In the late 1980s, facing financial difficulties, the company implemented severe cost reductions including store downsizing and elimination of leased departments—a strategy based on the incorrect assumption that operating these departments internally would be more efficient. Earlier in the decade, TSS attempted expansion into Northern New Jersey by leasing two large former Two Guys store spaces (each approximately 150,000 square feet) to test market viability. Both locations underperformed expectations and were eventually reduced to single-floor operations before closing entirely.
Closure
On December 4, 1989, with a workforce of roughly 2,875 employees, Times Square Stores filed for bankruptcy and declared it would cease operations by December 31 of that year. Three outlets continued operating temporarily to complete liquidation sales until June 1990.