Deb Shops
 | |
| Private | |
| Industry | Apparel, Retail |
| Founded | 1932 |
| Founder | Philip Rounick and Aaron Weiner |
| Defunct | March 30, 2015 |
| Headquarters | Philadelphia, Pennsylvania, USA |
| Products | Clothing, Accessories |
Number of employees | 2,600 |
| Website | www.debshops.com |
Deb Shops was a specialty retail chain store in the United States that sold women's clothing and accessories under its own private labels as well as other labels. The company was based in Philadelphia, Pennsylvania and principally served junior and plus-sized women in their early teens through their late twenties. At its peak, Deb Shops operated 337 stores across 42 states.
History
The company was founded by Philip Rounick and Aaron Weiner, who opened their first store under the name JOY Hosiery in Philadelphia, Pennsylvania in 1932. JOY Hosiery initially sold reasonably priced hosiery, lingerie, and foundations in a wide variety of styles. In 1939, it added nylon stockings to its inventory when those became available.[1]
The company expanded in the Philadelphia area in the 1950s. Company Co-Founder Philip Rounick's son, Marvin Rounick, became more involved in the management of the company joining in 1961. Co-Founder Aaron Weiner's son, Warren Weiner, followed suit in 1965. During this time, the company observed the new phenomenon of suburban growth and construction of shopping malls. They responded by opening stores in several locations making them larger and offering more merchandise.[1]
In the 1970s, Marvin Rounick and Warren Weiner closed most of the neighborhood stores and focused on opening larger stores in shopping malls. The chain was also renamed Deb Shops and re-focused on women's and girls' clothing.[1]
The company was listed on the NASDAQ Exchange under the ticker symbol DEBS. However, it was removed from the exchange after being acquired in 2007 by the investment firm of Lee Equity Partners for $395 million, or $28.45 per share.[2]
The company parent DSI Holdings filed for bankruptcy on June 27, 2011.[3] The company filed for bankruptcy again on December 4, 2014.[4] On January 7, 2015, they announced that they will close all 295 stores.[5] The final sales occurred on March 30, 2015. As of September 2015 they're back online.
References
- 1 2 3 "Deb Shops, Inc. History". FundingUniverse. Retrieved 2014-12-13.
- ↑ "Deb Shops Checks Out of Nasdaq". Retrieved 2008-11-24.
- ↑ http://amlawdaily.typepad.com/amlawdaily/2011/06/bankruptcy-files.html
- ↑ http://www.reuters.com/article/2014/12/04/debshops-bankruptcy-idUSL2N0TO1DJ20141204
- ↑ http://consumerist.com/2015/01/07/teen-clothing-retailer-deb-to-liquidate-close-295-stores/