F. W. Woolworth Company
The FW Woolworth Company was a U.S. trading company.
History
Franklin Winfield Woolworth was born on 13 April 1852 in Rodman, New York. He spent his life on his parents' farm in Great Bend, New York. Finally After working as a salesman and warehouse workers, he worked in a store of Moore & Smith. At that time it was usual to store the goods on shelves and only submit upon customer request this. In addition, there was hardly fixed prices. The idea Woolworths was to present many items at a fixed price of five cents on open counters. This was a new and revolutionary idea in the field of retailing. The customer could see the entire offering, compare and " touch ". 1879 the first Woolworth's store was in Lancaster (Pennsylvania) opened ( "FW Woolworth Company" ). Later, the offer was extended by ten-cent items. The chain was also known by the name "five -and -ten- cent stores" or "five -and- dime stores".
1886 a building for the central administration in New York City was built. 1905, the now large enterprise was transformed into a corporation, the capital amounted to ten million U.S. dollars. In 1909, the F.W. Woolworth Co. Ltd.. with several partners founded. By 1911, more partners were involved, and there was now a total of 596 stores in operation. 1913 was built and paid for the construction cost of $ 13.5 million in cash to the private assets Woolworths Woolworth Building in New York. On April 8, 1919 Frank Winfield Woolworth died. He bequeathed his fortune and the majority of the company of his granddaughter Barbara Hutton.
Although still Woolworth 1979, the largest department store company in the world was, the company began to get into trouble. In 1997, the last purchase homes in the U.S. were closed, and there remained only division stores like Foot Locker and other left. The company changed its name to Venator. Wal- Mart, who had taken over a part of the former Woolworth's department stores, took the place of Woolworth in the Dow Jones index. 1999 Venator named in Foot Locker, Inc. has to offer. Since 1997, then, there Woolworth department stores exclusively outside the United States and are owned by independent regional companies.
Global expansion
1909 Woolworth opened his first store in the UK. In 1982, the British company split from the American FW Woolworth Company. The Woolworths Group PLC was an independent, publicly traded retail company and employed nearly 25,000 employees. On 26 November 2008 British media reported, citing the business community about the pending insolvency of the company. After the search had failed to locate a buyer, the closing of the chain was announced on 10 December 2008 and passed the clearance sale in the paths. This process was completed in early January 2009.
On November 2, 1926 Woolworth Germany was founded, the first store was opened in Bremen on 30 July 1927. The Woolworth GmbH currently operates approximately 260 stores in Germany.
Cultural reactions
Musically Woolworth was a success from the late 1920's "I Can not Give You Anything But Love, Baby" with the phrase " Diamond bracelets Woolworth Does not Sell", dollars in the song " I Found A Million Baby (In A Five and Ten Cent Store) " of 1931 and in Bryan Adams song" summer of 69 mentioned " with the line" I got my first real six -string bought it at the five- and-dime ". Another quote is found in the song "A String Of Pearls" by Glenn Miller in 1941 "Baby here's a five and dime baby now 's about the time for a string of pearls a la Woolworth. " (Text: Eddie deLange, Music Jerry Gray)
- Former Company (New York City )