) | |
| Type | Public (NASDAQ: STRS) |
|---|---|
| Industry | Retail |
| Fate | Liquidation |
| Founded | Portland, Oregon, United States (1909) |
| Defunct | 1994 |
| Headquarters | Portland, Oregon[1] |
Number of locations | Approx. 320 stores (max.)[2] |
Area served | Western United States |
| Products | General Merchandise |
| Total assets | $80 million (1991)[2] |
Sprouse-Reitz is a defunct chain of five-and-dime stores based in Portland, Oregon, United States. The Sprouse-Reitz Company was founded in 1909 in Tacoma, Washington.[3] At its peak it had more than 470 stores in eleven states in the Western United States.[1]
Around January 1989,[3] the declining retailer tried to revive its business by rebranding its stores "Sprouse!".[2] In June 1990, with the store count at 287, CEO Robert Sprouse II, who controlled about 80 percent of the company's voting stock, said that chain would change its focus to six specific areas: toys, housewares, crafts, home furnishings, family apparel, greeting cards, wrapping paper, and other paper products.[4] In late 1990, the chain was sold for $22.9 million to SR Partners, Inc., a joint venture among realtors TransAction Financial Corp., acquisition specialists First San Francisco Holdings, Ltd., and individual investors.[5]
In December 1993, Sprouse-Reitz Inc. liquidated and closed its remaining 84 stores after failing to find a buyer.[6] The company estimated that the last stores would close in February.[7] As of late February 1994, the last stores were scheduled to close on March 20.[1]
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References
- ^ a b c Hamburg, Ken (February 26, 1994). "End nears for Sprouse-Reitz stores". The Oregonian. p. D1.
- ^ a b c Baker, Nena (September 22, 1991). "Tripp hopes to steer Sprouse-Reitz Inc. clear of troubled waters". The Sunday Oregonian. p. K1.
- ^ a b Moscow-Pullman Daily News - Jan 11, 1989 - Sprouse-Reitz Changes Name, Unveils New Look - Google News
- ^ "Sprouse-Reitz seeks buyer, focuses market niche". UPI. June 5, 1990. Retrieved May 20, 2018.
- ^ "Sprouse Reitz stores sold; Sprouse family members will remain as consultants". Discount Store News. December 17, 1990. Archived from the original on May 23, 2011.
- ^ "Sprouse-Reitz Store to Sell Off All Assets". New York Times. September 3, 1993.
- ^ "Sprouse-Reitz Decides to Go Out of Business". The Seattle Times. Associated Press. December 22, 1993. p. D6.