Times Square Stores
Encyclopedia
Times Square Stores was an American
department store
chain based in New York
that operated from 1929 to 1989. By the late 1980s the chain operated 12 stores in New York and 6 in Puerto Rico
, and an off-price ladies' apparel chain, Finders Keepers, which had 15 locations. The New York department stores ranged in size from 160,000 to 220000 square feet (20,438.7 m²). During its prime it was considered Long Island's most prominent discount department store chain.
The chain was founded in 1929 by George Seedman. The first TSS store on Long Island
opened in Levittown
in 1961. In 1983 the company explored an initial public offering
on the American Stock Exchange
, but backed out in 1984 after learning investors would only pay about 66% of the company's desired price.
George Seedman continued to own and run the chain until 1987, when, at the age of 90, he began looking for buyers. Price Club
(later renamed Costco) announced plans to buy an 81% stake in the company for $50 million in 1987. After Seedman learned of plans to convert the TSS stores to warehouse clubs, the sale did not go through, and TSS was sold to the Pritzker family
of Chicago
later in 1987 for the same price.
Although it was a discount chain, by the 1980s its main markets were Nassau
and Suffolk
Counties, two of the richest in America at the time. Nine of their twelve modern-sized stores were on Long Island, one in Brooklyn
on Linden Blvd, in Queens
on Farmers Blvd, and in the Metro Mall on Metropolitan Ave, and another in The Bronx
. The chain began to struggle in the late 1980s and took drastic cost-cutting measures: downsizing stores and eliminating leased departments in a mistaken belief that the company could operate those departments more efficiently itself. In the early 1980s the chain attempted to stake a claim in Northern New Jersey when it leased 2 vacant, former Two Guys locations. The plan was to gauge reaction to
these two large stores (150,000 sq/ft each), and then plan further expansion into New Jersey. Neither location lived up to expectations, and the two stores were first downsized to one level each and then shuttered.
On December 4, 1989, the chain, which had about 2,875 employees by then, filed for bankruptcy
and announced it would close its doors on December 31, 1989. Three stores remained open for liquidation until June 1990.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
department store
Department store
A department store is a retail establishment which satisfies a wide range of the consumer's personal and residential durable goods product needs; and at the same time offering the consumer a choice of multiple merchandise lines, at variable price points, in all product categories...
chain based in New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
that operated from 1929 to 1989. By the late 1980s the chain operated 12 stores in New York and 6 in Puerto Rico
Puerto Rico
Puerto Rico , officially the Commonwealth of Puerto Rico , is an unincorporated territory of the United States, located in the northeastern Caribbean, east of the Dominican Republic and west of both the United States Virgin Islands and the British Virgin Islands.Puerto Rico comprises an...
, and an off-price ladies' apparel chain, Finders Keepers, which had 15 locations. The New York department stores ranged in size from 160,000 to 220000 square feet (20,438.7 m²). During its prime it was considered Long Island's most prominent discount department store chain.
The chain was founded in 1929 by George Seedman. The first TSS store on Long Island
Long Island
Long Island is an island located in the southeast part of the U.S. state of New York, just east of Manhattan. Stretching northeast into the Atlantic Ocean, Long Island contains four counties, two of which are boroughs of New York City , and two of which are mainly suburban...
opened in Levittown
Levittown, New York
Levittown is a hamlet in the Town of Hempstead located on Long Island in Nassau County, New York. Levittown is midway between the villages of Hempstead and Farmingdale. As of the 2010 census, the CDP had a total population of 51,881....
in 1961. In 1983 the company explored an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
on the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
, but backed out in 1984 after learning investors would only pay about 66% of the company's desired price.
George Seedman continued to own and run the chain until 1987, when, at the age of 90, he began looking for buyers. Price Club
Price Club
Price Club was the pioneer of the warehouse store. Founded by Sol Price in San Diego, California in 1976, the company charged shoppers a $25 annual membership fee to purchase bulk products at discount prices in a no-frills warehouse setting. Price Club's high sales volume enabled Price to give his...
(later renamed Costco) announced plans to buy an 81% stake in the company for $50 million in 1987. After Seedman learned of plans to convert the TSS stores to warehouse clubs, the sale did not go through, and TSS was sold to the Pritzker family
Pritzker family
The Pritzker family is one of America's wealthiest families, and has been near the top of Forbes magazine's "America's Richest Families" list since the magazine began in 1982....
of Chicago
Chicago
Chicago is the largest city in the US state of Illinois. With nearly 2.7 million residents, it is the most populous city in the Midwestern United States and the third most populous in the US, after New York City and Los Angeles...
later in 1987 for the same price.
Although it was a discount chain, by the 1980s its main markets were Nassau
Nassau County, New York
Nassau County is a suburban county on Long Island, east of New York City in the U.S. state of New York, within the New York Metropolitan Area. As of the 2010 census, the population was 1,339,532...
and Suffolk
Suffolk County, New York
Suffolk County is a county located in the U.S. state of New York on the eastern portion of Long Island. As of the 2010 census, the population was 1,493,350. It was named for the county of Suffolk in England, from which its earliest settlers came...
Counties, two of the richest in America at the time. Nine of their twelve modern-sized stores were on Long Island, one in Brooklyn
Brooklyn
Brooklyn is the most populous of New York City's five boroughs, with nearly 2.6 million residents, and the second-largest in area. Since 1896, Brooklyn has had the same boundaries as Kings County, which is now the most populous county in New York State and the second-most densely populated...
on Linden Blvd, in Queens
Queens
Queens is the easternmost of the five boroughs of New York City. The largest borough in area and the second-largest in population, it is coextensive with Queens County, an administrative division of New York state, in the United States....
on Farmers Blvd, and in the Metro Mall on Metropolitan Ave, and another in The Bronx
The Bronx
The Bronx is the northernmost of the five boroughs of New York City. It is also known as Bronx County, the last of the 62 counties of New York State to be incorporated...
. The chain began to struggle in the late 1980s and took drastic cost-cutting measures: downsizing stores and eliminating leased departments in a mistaken belief that the company could operate those departments more efficiently itself. In the early 1980s the chain attempted to stake a claim in Northern New Jersey when it leased 2 vacant, former Two Guys locations. The plan was to gauge reaction to
these two large stores (150,000 sq/ft each), and then plan further expansion into New Jersey. Neither location lived up to expectations, and the two stores were first downsized to one level each and then shuttered.
On December 4, 1989, the chain, which had about 2,875 employees by then, filed for bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
and announced it would close its doors on December 31, 1989. Three stores remained open for liquidation until June 1990.