Melville Shoe Corporation

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Melville Shoe Corporation of Harrison, New York[1] 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.[2] One of the firm's subsidiaries, the Meldisco Company, operated shoe departments in Kmart stores in the early 1980s.[3]

Shoe company history[edit]

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.[4] In February 1930 the Melville Shoe Corporation controlled 460 Thom McAn, Rival, and John Ward stores in thirty-nine of the United States.[5]

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.[1]

References[edit]

  1. ^ a b Melville Closes Acquisition, Wall Street Journal, April 15, 1976, pg. 16.
  2. ^ Chain Shoe Store's Rapid Growth, Wall Street Journal, December 20, 1923, pg. 9.
  3. ^ Kmart Reports Profit Rose 6.9% In Its 2nd Period, Wall Street Journal, August 18, 1982, pg. 12.
  4. ^ Broad Street Gossip, Wall Street Journal, April 29, 1929, pg. 2.
  5. ^ Melville Shoe Corp., Wall Street Journal, February 7, 1930, pg. 9.