Best Products
NASDAQ: BESTQ) | |
Industry | Retail (Catalog merchant showroom) |
---|---|
Founded | 1957 |
Founder | Sydney Lewis Frances Lewis |
Defunct | February 9, 1997 (last stores closed) December 1998 (liquidation completed) |
Fate | Chapter 11 bankruptcy liquidation |
Headquarters | Richmond, Virginia |
Products | Home furnishings, consumer electronics, jewelry, housewares, toys |
Subsidiaries | Ashby's, Basco, Dolgin's, Great Western, Jafco, Labelle's, Miller Sales, Modern Merchandising, Rogers |
Best Products Company, Inc., or simply Best, was a chain of
History
The company was founded by
The company had a strong sense of promotion and artistic sensibilities; it was legend in artistic circles that it would trade store merchandise for art. As a result, the company, as well as the Lewises, gathered a significant collection of 20th-century art. Much of the Lewis Collection can be seen at the
Sculpture in the Environment
In the 1970s, Best Products contracted with
Their Parham Road headquarters, built in 1981 and designed by
Retail concept
Best employed the "catalog showroom" concept for many of its product offerings. Although some product categories (such as sporting goods and toys) were stocked in traditional self-serve aisles, the majority of products (notably consumer electronics, housewares, and appliances) were featured as unboxed display models. Customers were permitted to examine and experiment with these models, and if found to be desirable, they could be purchased by submitting orders to store personnel. Saleable versions of the merchandise (usually boxed and/or in its original packaging) would then be retrieved from storage and delivered to a customer service area for subsequent purchase.
Acquisitions
As a cost-saving measure, Best jointly published its catalog with Service Merchandise (founded by Harry Zimmerman) and Modern Merchandising (founded by Harold Roitenberg), and had regional non-compete agreements with those chains.
In 1982, Best acquired catalog competitors: Basco, a chain with 19 catalog showrooms in the Northeast and Ohio; and Modern Merchandising, headquartered in Minnetonka, Minnesota, with 76 showrooms under the names LaBelle's, Dolgin's, Jafco, Miller Sales, Rogers and Great Western. This was followed by the acquisition of Ashby's, a 9-store women's clothing chain, and the opening of four Best Jewelry stores in the Washington D.C. metro area.[4]
Bankruptcy
Best filed twice for Chapter 11 bankruptcy protection. The first bankruptcy period began in January 1991 and lasted through June 16, 1994. The second and final filing was made in September 1996.[5] At the time of the second filing, Best operated 169 Best stores and 11 Best Jewelry stores in 23 states, and a nationwide mail-order service.
Best Products was traded on the
References
- ^ Essen, Diebold (August 2003). "Bye-bye, Best Products: An Architecture Fairy Tale". Magellan's Log. Texas Chapbook Press. Archived from the original on August 27, 2006. Retrieved August 8, 2015.
- ^ "Best Products Arden Fair, Sacramento". Mall Hall of Fame blog. January 12, 2009. Retrieved August 8, 2015.
- ^ Griset, Rich. "The Best of Times: Best Plaza awaits its next chapter". Henrico Monthly. Archived from the original on August 9, 2015. Retrieved August 8, 2015.
- OCLC 248421247.
- Washington Business Journal. September 27, 1996. Archived from the originalon November 21, 2002. Retrieved November 20, 2023.
- ^ "Catalog-showroom chain closes last stores". Associated Press. February 10, 1997.
- ^ Von Bergen, Jane M. (October 8, 1996). "Best Products To Shut 81 Stores, Lay Off 4,500 The Outlets In Cherry Hill And Delco Will Be Closed. The Bankrupt Chain Will Keep 88 Stores Open". The Philadelphia Inquirer. Archived from the original on 2015-09-05. Retrieved 2020-10-31.
- ^ "On The Record: Bankrupt Best Products closes last of its stores". Orlando Sentinel. February 11, 1997. Archived from the original on February 22, 2015.
- ^ Hancock, Jay (May 4, 1997). "LBO funds might be poised for a comeback Assets large again, with new players joining usual sources". The Baltimore Sun.