 | |
| Company type | Discount department store |
|---|---|
| Industry | Retail |
| Genre | Retail |
| Founded | 1948 |
| Defunct | December 1980 |
| Fate | Bankruptcy |
| Headquarters | , |
Area served | Eastern United States |
E. J. Korvette, also known as Korvette’s, was an American chain of discount department stores, founded in 1948 in New York City. It was one of the first department stores to challenge the suggested retail price provisions of anti-discounting statutes.[1] Founded by World War II veteran Eugene Ferkauf and his friend, Joe Zwillenberg, E. J. Korvette did much to define the idea of a discount department store. It displaced earlier five and dime retailers and preceded later discount stores, like Walmart, and warehouse clubs such as Costco.[1]
The company failed to properly manage its business success, which led to decline and its 1980 bankruptcy and closure.[2]
- ^ a b Trumbore, Brian. "Discount Retailers". Buy and Hold. Freedom Investments. Archived from the original on November 11, 2006. Retrieved October 31, 2006.
- ^ "When Giants Stumble". HBS Working Knowledge. Harvard Business School. October 12, 1999.