Subject: Re: How the mighty can fall
Bonds closed in 1977 (my guess is they couldn't possibly sell enough to pay the rent.

Anecdotally, the "R" (Rachael) in J&R was my "Big Brother" when I was a freshman at Polytechnic Institute of Brooklyn (and was embarrassingly beautiful for a kid to be seen with the gorgeous graduating senior). Both Rachael and Joseph had immigrated independently from Israel. It is my understanding that the couple found the store, which existed from 1971 to 2014 was being excessively challenged by mail-order, but had used their profits to buy most of the commercial buildings along the row, opposite NYC's City Hall, and they transitioned into the real estate business (and, I guess it was more profitable to rent their store's space than to run the store. Good story here:

https://www.forbes.com/sites/h...

My personal favorite, Syms, went out of business in 2011 due to a combination of intense competition, a weak economy, and a decline in their ability to acquire inventory.

Tough competition came from the rise of other off-price retailers, department store outlet stores, and the growth of online discount sites, which eroded Syms' competitive advantage. Additionally, the economy hurt consumer confidence and spending, while a shift in consumer tastes away from the men's suiting that made up a large part of their sales also played a role.

Intense competition: Syms faced increasing competition from a growing number of rivals, including the large-scale expansion of similar off-price retailers like TJ Maxx and Marshalls, department stores opening their own outlet centers, and the emergence of online discounters.

Weak economy: The 2008 recession and subsequent economic downturn significantly impacted consumer spending and confidence. This was a difficult environment for a company that relied on consumers' ability to spend, even on discounted items.

Decline in buying opportunities: A key part of Syms' business model was buying overproduced or end-of-season merchandise directly from manufacturers. As brands began to create their own outlet stores and sell directly to discounters, the supply of this discounted inventory dried up, making it harder for Syms to secure profitable deals.
Changing fashion trends: The company's business was heavily reliant on men's suiting, which was a large part of its sales. As the trend toward casual dressing grew, demand for formal suits declined, further hurting Syms' core business.

Strategic missteps: The acquisition of Filene's Basement in 2009 was intended to attract a younger female demographic and create synergies, but it did not go well. The integration was difficult, and management was unable to adapt the combined company to changing customer demands.

In addition, they expanded to multiple outlets and what bargains they could find now had to be spread across all of their stores. Their multi-story flagship building in NYC's financial district was probably worth more in real estate value than the rest of the company.

This also reads like the almost identical story of my wife's favorite - Lohmann's. Back "in the day", when the "chain" had two locations (one on the Grand Concourse in the Bronx and the other in Flatbush, Brooklyn), old Mrs. Lohmann used to cruise the garment center of Manhattan with a bag full of cash, buying high end clothing at a per-pound basis - with the proviso that the designer's label on the collar had to be snipped (so it couldn't be returned to an official retailer for refund). Her kids expanded the company to numerous locations and its demise was nearly identical to Sym's.

Jeff