Deb Shops

Deb Shops was a catalog and online retailer, formerly a specialty retail chain store in the United States that sold women's clothing and accessories under its own private labels as well as other labels. The company was based in Philadelphia, Pennsylvania and principally served junior and plus-sized women in their early teens through their late twenties. At its peak, Deb Shops operated 337 stores across 42 states. They had moved to become exclusively a plus-size store online, but the website has since ceased to function properly.

Deb Shops, Inc.
TypePrivate
IndustryApparel, Retail
Founded1932 (as a retail)
2015 (as online retailer)
FounderPhilip Rounick and Aaron Weiner
DefunctMarch 30, 2015 (as a retail)
2018 (as online retailer)
HeadquartersPhiladelphia, Pennsylvania, USA
ProductsClothing, Accessories
Number of employees
2,600
Websiteno longer functional

History

The company was founded by Philip Rounick and Aaron Weiner, who opened their first store under the name JOY Hosiery in Philadelphia, Pennsylvania in 1932. JOY Hosiery initially sold reasonably priced hosiery, lingerie, and foundations in a wide variety of styles. In 1939, available nylon stockings were added to its inventory.[1]

DEB shop, Westland, Michigan

The company expanded in Philadelphia area in the 1950s. Company Co-Founder Philip Rounick's son, Marvin Rounick, became more involved in the management of the company joining in 1961. Co-Founder Aaron Weiner's son, Warren Weiner, followed suit in 1965. During this time, the company observed the new phenomenon of suburban growth and construction of shopping malls. They responded by opening stores in several locations making them larger and offering more merchandise.[1]

In the 1970s, Marvin Rounick and Warren Weiner closed most of the neighborhood stores and focused on opening larger stores in shopping malls. The chain was also renamed to Deb Shops and re-focused on women's and girls' clothing.[1]

The company was listed on the NASDAQ Exchange under the ticker symbol DEBS. However, it was removed from the exchange after being acquired in 2007 by the investment firm of Lee Equity Partners for $395 million, or $28.45 per share.[2]

The company parent DSI Holdings filed for bankruptcy on June 27, 2011.[3] The company filed for bankruptcy again on December 4, 2014.[4] On January 7, 2015, they announced that they will close all 295 stores.[5] The final sales occurred on March 30, 2015. As of September 2015, the company returned as an online-only retailer selling plus-size clothing. They then shut down their website at the end of 2018 in December without warning. The last posts from their social media were about sales in November and in December and then nothing after that.

References
  1. "Deb Shops, Inc. History". FundingUniverse. Retrieved 2014-12-13.
  2. "Deb Shops Checks Out of Nasdaq". Retrieved 2008-11-24.
  3. Baxter, Brian (June 28, 2011). "The Bankruptcy Files: Dodgers to Tap JPMorgan Hedge Fund Loan". The Am Law Daily. Retrieved August 23, 2016.
  4. Hals, Tom (December 4, 2014). "Cerberus-owned Deb Shops files for bankruptcy". Reuters. Retrieved August 23, 2016.
  5. Northrup, Laura (January 7, 2015). "Next Teen Clothing Retailer Deb To Liquidate, Close 295 Stores". Consumerist. Retrieved August 23, 2016.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.