Pergament Home Centers

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Pergament Home Centers was a home improvement store chain with stores in New York, New Jersey, and Connecticut.[1] It specialized in the sale of flooring, paint, and wallpaper and was one of the first in the area to sell acrylic paint.[2][3] At its zenith, the chain had 42 stores and sales of $375 million.[2]

In 2001, after facing stiff competition from The Home Depot and Lowe's, the company filed bankruptcy and shut down.[1]

History[edit]

The company had its roots in a store opened in 1935 by Louis Pergament in Franklin Square, New York.[1][3]

In 1989, Mancuso & Co., owned by Robert F. Mancuso, and Equitable Capital Management acquired the company from the founding family for as much as $175 million via a leveraged buyout.[2] Equitable Capital Management invested over $11 million in the acquisition.[4] Michael H. Lurie became president and chief operating officer.[5]

In 1992, the company was restructured, including layoffs and store closings.[1][2] Control of the company wound up in the hands of its lender, Westdeutsche Landesbank.[2]

In 1998, the company closed its last store in Connecticut.[6]

In 2001, after facing stiff competition from The Home Depot and Lowe's, the company filed bankruptcy and shut down.[1]

In 2013, Bob Pergament, the son of the founder, told his memoirs about the chain.[3]

References[edit]

  1. ^ a b c d e PRISTIN, TERRY (February 27, 2001). "Pergament Home Centers, Now Bankrupt, Is Going Out of Business". The New York Times. (Subscription required (help)).
  2. ^ a b c d e Madore, James T. (February 29, 2000). "Pergament Home Centers Sold to Venture Capitalists". Newsday. Bloomberg News.
  3. ^ a b c "Pergament memoir is must-read" (Press release). PR Newswire. August 15, 2013.
  4. ^ "EQUITABLE CAPITAL PARTNERS, L.P. 1997 Form 10-K". U.S. Securities and Exchange Commission.
  5. ^ CUFF, DANIEL F. (December 6, 1989). "A New Team in Place At Pergament Chain". The New York Times. (Subscription required (help)).
  6. ^ "PERGAMENT EXPRESS TO CLOSE LOCAL STORE". Hartford Courant. March 6, 1998.