Melville Shoe Corporation
Melville Shoe Corporation of Harrison, New York was organized in 1894 and incorporated in 1916. From its inception through 1923 the company never had an unprofitable year, and paid dividends on preferred stock from 1916 - 1923. One of the firm's subsidiaries, the Meldisco Company, operated shoe departments in Kmart stores in the early 1980s.
Shoe company history
During the period from 1925 - 1928 the number of Melville stores increased by 184% and net income expanded 360%. In the first three months of 1929 the chain store realized a 34% increase in sales over 1928. In February 1930 the Melville Shoe Corporation controlled 460 Thom McAn, Rival, and John Ward stores in thirty-nine of the United States.
In April 1976 the Melville Shoe Corporation, then known as the Melville Corporation, acquired Marshalls Inc., a chain of thirty-two specialty stores, based in New England. The purchase price was $40 million.
- Melville Closes Acquisition, Wall Street Journal, April 15, 1976, pg. 16.
- Chain Shoe Store's Rapid Growth, Wall Street Journal, December 20, 1923, pg. 9.
- Kmart Reports Profit Rose 6.9% In Its 2nd Period, Wall Street Journal, August 18, 1982, pg. 12.
- Broad Street Gossip, Wall Street Journal, April 29, 1929, pg. 2.
- Melville Shoe Corp., Wall Street Journal, February 7, 1930, pg. 9.