Petrie stores liquidating trust

14-Jan-2017 15:52

By 1937, however, the Great Depression and Petrie's too-ambitious expansion forced him into bankruptcy.

Petrie lost most of his stores and was obliged to buy out his partners for ,500, a debt that took more than three years to pay off.

petrie stores liquidating trust-71petrie stores liquidating trust-71

Petrie thus doubled his investment, and funds were used to aid expansion.By the late 1960s increased sales and rising earnings fueled aggressive expansion.In fiscal 1973 Petrie Stores had grown to number 250 and sales reached 9 million; earnings had risen from 66 cents a share in 1968 to .02 in 1973.He began to expand, and in 1932, backed by a loan from the Reconstruction Finance Corporation and four silent partners, Petrie Stores Corporation was incorporated in New York.Petrie expanded his stores into a small chain and added other apparel items, and sales soon reached million.

Petrie thus doubled his investment, and funds were used to aid expansion.

By the late 1960s increased sales and rising earnings fueled aggressive expansion.

In fiscal 1973 Petrie Stores had grown to number 250 and sales reached 9 million; earnings had risen from 66 cents a share in 1968 to .02 in 1973.

He began to expand, and in 1932, backed by a loan from the Reconstruction Finance Corporation and four silent partners, Petrie Stores Corporation was incorporated in New York.

Petrie expanded his stores into a small chain and added other apparel items, and sales soon reached million.

You can't beat a market like that." Petrie also kept overhead low by leasing, rather than buying, space.