Editing Caldor (section)

==History==

===Early history===
In 1951, while shopping at an [[E. J. Korvette]] store in New York City, newlyweds Carl and Dorothy Bennett were inspired to open their own discount store that would be different from the average postwar discount retailer.  They envisioned a business that would emphasize quality of merchandise over less desirable, lower cost wares<ref name="cador1966">{{cite news|title=Caldor, Inc.|work= The Stock Market Magazine|date=April 1966}}</ref> at prices 10 to 40 percent below the manufacturers' suggested list prices,<ref name="mark1963">{{cite news|title=The Man Behind The Caldor Team|work= Mark, The Magazine of Southwestern Fairfield County|date= March 23, 1963}}</ref> along with department store level services such as well informed salespeople, merchandise guarantees, and a liberal refund policy.<ref name="cador1966"/>  These turned into cornerstones of the sustained growth and success of the chain they went on to establish.

Later in 1951 the couple used their $8,000 savings ({{Inflation|US|8000|1951|fmt=eq|round=-1}}) to open a 9,600-square-foot store in a second floor loft in [[Port Chester, New York]]. They named it Caldor, a blending of their first names. Specializing in name-brand hard goods<ref name="corner1970">{{cite news|title=In This Corner|work= The Discount Merchandiser|date= March 1970}}</ref> such as appliances, electronics, home furnishings, jewelry, and sports equipment<ref>{{cite news|author=Ferrara, J. Susan |title=The World of Retail: Hardlines vs. Softlines|work= Value Line|date= 2015}}</ref> for middle to upper middle class income yet bargain-conscious consumers.<ref name="cook1978" /> Their slogan, "Where Shopping Is Always a Pleasure", was more of a way of life for the Caldor team.<ref name="mark1963" /> Carl Bennett, who had been working as a wholesale liquor salesman for a [[Connecticut]] company, was born and raised in retail. His father owned a small grocery store in [[Greenwich, CT]], where quality of merchandise and customer appreciation were key. Bennett credits his father for teaching him the retail sensibilities that he used to guide his company throughout the years.<ref>{{cite news|author=Lovell, Doree |title=Caldor head a Baltimore booster|work=The News American|date=April 15, 1984}}</ref>

===Initial expansion===
With business growing steadily, the original store was replaced in 1953 with an expanded location in Port Chester, NY that also provided more modern amenities.<ref name="mark1963" /> A second Caldor was added in 1958, a 70,000-square-foot store in [[Norwalk, CT]].  This year also marked Caldor's introduction of apparel to its product line.<ref name="corner1970"/>

In 1961, with four locations, Caldor Inc. went public with Carl Bennett serving as president, director, and chairman of the board, and Dorothy as treasurer and director. Carl's brother Harry Bennett served as vice president. That same year fire destroyed the Norwalk store and all of its contents.<ref>{{cite web|url=http://www.fultonhistory.com/Process%20small/Newspapers/Newspapers%20%20Out%20of%20NY/Wilton%20CT.%20Bulletin/Wilton%20CT%20%20Bulletin%201960-1961%20%20Nov-Jun%20Grayscale.pdf/Wilton%20CT%20%20Bulletin%201960-1961%20%20Nov-Jun%20Grayscale%20-%200616.pdf|title=The Wilton Bulletin|website=Fultonhistory.com|accessdate=January 3, 2015}}</ref> Ever resourceful, Caldor continued to serve the Norwalk community by operating out of three temporary stores close to the damaged outlet, which was quickly being rebuilt. Despite this setback that destroyed nearly seven months of inventory, the company posted an increase in sales of approximately 43% over the previous year.<ref>{{cite book|title=Caldor Annual Report|date= January 1962}}</ref>
 
Part of Caldor's financial success was convincing vendors of Caldor's billing incentives. Caldor got most, if not all, of their vendors to agree to a 2% 10/net 30–60 format. This meant if they paid the vendors within 10 days of receipt, Caldor got 2% off or a net payment within 30 or 60 days.{{explain|What does "net payment within 30 or 60 days" mean?|date=March 2021}} This saved the company a substantial amount of money which allowed them to pass savings on to their customers and to promote their extremely fast growth.

===Accelerated growth===
By 1963, Caldor had stores in [[Peekskill, NY]], [[Danbury, CT]], [[Hamden, CT]], [[Norwalk, CT]], and [[Riverside, CT]], in addition to the original location in Port Chester, NY.  Staying true to its belief in the benefits of regionalization each new store was planned close to Caldor's headquarters.  In November of that year Caldor's common stock, which had [[Stock split|split]] two for one in September, began trading on the [[NYSE American|American Stock Exchange]].<ref>{{cite book|title=Caldor Annual Report|date= January 1963}}</ref>

In 1966, Caldor opened its ninth store. Its management, sales, and executive board were also expanded in size and depth.<ref>{{cite book|title=Caldor Annual Report|date= January 1966}}</ref> A report written that same year by The Value Line Investment Survey, one of [[Wall Street]]'s most influential investment advisory services, recognized Caldor as a company growing at a rate of advance faster than that of [[Xerox Corporation]].<ref name="cador1966"/>

During the remainder of the 1960s and the 1970s, the economy saw years of booming consumer consumption, as well as contraction and recession. Throughout these changing times and varied economic climates Caldor continued to show healthy profits and expansion.<ref name="fund">{{cite news|title=Caldor, Inc. History|work=  Funding Universe}}</ref> Many Caldor competitors, such as [[E.J. Korvette]], [[Grand Union (supermarket)|Grand Way Stores]], [[Two Guys]], and [[W. T. Grant]], did not fare as well and would shut down.<ref name="barmash1979"/> In 1976, Caldor took over seven stores formerly operated by the defunct W. T. Grant, giving Caldor immediate access to locations that were already zoned for retail outlets and access to fast-tracked expansion.  According to Bennett, those stores became "immediately profitable" for Caldor.<ref name="barmash1981">{{cite news|author=Barmash, Isadore|title=How Caldor's $8,000 Grew to $313 Million|work= The New York Times|date=February 1, 1981}}</ref>

===Estate of Thornton v. Caldor, Inc.===
{{main|Estate of Thornton v. Caldor, Inc.}}
Caldor was the subject of a lawsuit filed by former employee Donald Thornton, who claimed he was fired by the company for refusing to work on Sunday, which was his [[Sabbath day]]. Thornton contended that by forcing him to work one Sunday a month, Caldor was violating a Connecticut state law that permitted him to observe his Sabbath without opposition from his employer. Caldor contended that the law was unconstitutional as it violated the [[Establishment Clause]] of the [[First Amendment to the United States Constitution]]. The lawsuit was filed in 1980, and eventually the case was heard before the [[United States Supreme Court]], wherein Caldor's position was upheld.

===Purchase by Associated Dry Goods===
[[File:Caldor Rainbow Logo.svg|thumb|right|Longest used iteration of the "rainbow" logo, in use from 1974 to 1982]]
In 1981, [[Associated Dry Goods]] (ADG), the owners of [[Lord & Taylor]] and other quality department stores, purchased Caldor, Inc. for $313&nbsp;million (~${{Format price|{{Inflation|index=US-GDP|value=313000000|start_year=1981}}}} in {{Inflation/year|US-GDP}}). Attracted to its growth potential and low debt, the 63-store Caldor chain was ADG's first entry into the realm of discount retailing. Bennett was retained under a three-year contract, and ADG brought on several other Caldor executives.<ref name="fund" /><ref name="barmash1981" />

===Carl Bennett's retirement===
In March 1984, Carl Bennett announced that he would retire on May 31, 1985, after 33 years with the company. At the time of this announcement, Caldor had 100 stores<ref>{{Cite news|date=1984-05-02|title=100th Caldor|pages=45|work=The Post-Star|url=https://www.newspapers.com/clip/64437631/100th-caldor/|access-date=2020-12-15}}</ref> and over $1&nbsp;billion in sales. After his three-year contract with [[Associated Dry Goods]] expired, Bennett looked forward to retirement and spending time relaxing, playing tennis, reading a few new books, and vacationing. ADG wanted Bennett to stay as long as possible. "After all", said one corporate insider, "Carl Bennett is Caldor".<ref name="green1984"/> Bennett died on December 23, 2021, aged 101.<ref name="nytobit">{{cite news |last1=Roberts |first1=Sam |title=Carl Bennett, Founder of Caldor Discount Stores, Dies at 101 |url=https://www.nytimes.com/2022/01/10/business/carl-bennett-dead.html |access-date=29 May 2022 |work=The New York Times |page= A21 |date=January 11, 2022}}</ref>

===Sale and filing for bankruptcy===
In 1989, [[May Department Stores]] (which was Associated Dry Goods' successor upon merging with May in 1986) announced it would sell Caldor to a group that included Odyssey Partners and [[Donaldson, Lufkin & Jenrette]].<ref>{{Cite news| issn = 0362-4331| last = Barmash| first = Isadore| title = May Stores To Sell Its Caldor Unit| work = The New York Times| accessdate = 2018-12-04| date = 1989-10-12| url = https://www.nytimes.com/1989/10/12/business/may-stores-to-sell-its-caldor-unit.html}}</ref> As the 1990s emerged, Caldor would run into troubles. In 1995, Caldor filed for [[Chapter 11]] bankruptcy protection.<ref>{{cite news|url=https://www.nytimes.com/1995/09/19/business/caldor-files-for-chapter-11-protection.html|title=Caldor Files For Chapter 11 Protection|date=September 19, 1995|work = The New York Times|accessdate=January 3, 2015}}</ref><ref>{{cite web|first=Karen|last=Lundegaard|url=http://www.bizjournals.com/washington/stories/1997/03/03/story8.html|archiveurl=https://web.archive.org/web/20021120234750/http://www.bizjournals.com/washington/stories/1997/03/03/story8.html|title=Caldor at Seven Corners may become next Sears|website=[[Washington Business Journal]]|archivedate=November 20, 2002|date=February 1997|accessdate=June 7, 2024}}</ref> The chain found itself unable to compete with the lower prices and wider selection of such stores as [[Wal-Mart]] (which had acquired several former Caldor stores), causing a dramatic loss in sales. Caldor also had trouble meeting its financial goals, and losses mounted. Shortly before filing for bankruptcy, Caldor had $1.2&nbsp;billion in assets and $883&nbsp;million in liabilities, the lowest amount of assets and the highest amount of liabilities the company had had since it was sold. In 1996, Caldor closed 12 underperforming stores due to the bankruptcy. In 1997, Caldor closed two underperforming stores in New York City.<ref>{{cite news |last1=Chen |first1=David W. |title=Caldor, in 700-Job Trim, Says It Will Close 2 Stores |url=https://www.nytimes.com/1997/02/12/nyregion/caldor-in-700-job-trim-says-it-will-close-2-stores.html |website=[[The New York Times]] |date=February 12, 1997 |access-date=16 May 2022}}</ref>

===1998 weekly ad printing error===
Like all department and discount stores, Caldor relied on its weekly multi-color [[Flyer (pamphlet)|circular]] in [[Sunday newspaper]]s to advertise its Sunday–Saturday sales for the week, along with an annual catalog-like "Toy Book" which featured its toy selection for the holiday season. In November 1998, the company suffered a public relations embarrassment when the 1998 Toy Book featured a prominent photograph of two grinning boys playing the board game ''[[Scrabble]]'', with the word "rape" spelled out in the center of the board, buried amongst nonsense words. 11 million copies of the flyer were distributed to the public via an 85-newspaper distribution chain. Caldor released a statement expressing its mystification over how the image was created and got past proofreaders, and issued an apology about the oversight.<ref>{{Cite web |url=http://findarticles.com/p/articles/mi_m0EIN/is_1998_Nov_5/ai_53181308 |title=Caldor Statement Regarding Toy Book Error &#124; Business Wire &#124; Find Articles at BNET |access-date=July 29, 2008 |archive-url=https://web.archive.org/web/20081206035144/http://findarticles.com/p/articles/mi_m0EIN/is_1998_Nov_5/ai_53181308 |archive-date=December 6, 2008 |url-status=dead |df=mdy-all }}</ref><ref>{{cite news|url=https://archive.seattletimes.com/archive/19981104/2781522/department-store-apologizes-for-flap-over-scrabble-ad|title=Business – Department Store Apologizes For Flap Over Scrabble Ad|work= Seattle Times Newspaper|access-date=January 3, 2015}}</ref>

===Final liquidation===
In January 1998, Caldor had $1.2&nbsp;billion in liabilities and $949&nbsp;million in assets, one of the worst deficits the company ever had. A few months later, Caldor closed another 12 stores, mostly in the Washington, D.C., area. This, along with the chain's slow financial progress, caused its secured creditors to file a motion that would have forced Caldor to convert its bankruptcy, from which the company had still not emerged, from a Chapter 11 filing to a [[Chapter 7 bankruptcy|Chapter 7]] filing; this would have required Caldor to liquidate all of its stores and cease operations. The creditors believed their best option was for Caldor to liquidate rather than continue to operate. In addition, Caldor's stock was delisted on the [[New York Stock Exchange]] in September 1997.<ref>{{cite web |last1=Kauffman |first1=Matthew |title=TRADING OF CALDOR STOCK SUSPENDED |url=https://www.courant.com/news/connecticut/hc-xpm-1997-09-20-9709200132-story.html |website=courant.com |date=September 20, 1997 |access-date=16 May 2022}}</ref>

Caldor responded by seeking mediation to resolve the dispute, but in January 1999 the company deduced that there was nothing they could do to save themselves. On January 9, Caldor announced it would not place any more orders for, nor would they accept shipments of, new merchandise for their stores. Thirteen days later, on January 22, Caldor's chairman announced the company had no alternative but to wind down business and lay off all of their staff at the corporate headquarters in Connecticut.<ref>{{cite news|url=https://www.nytimes.com/1999/01/23/nyregion/caldor-in-bankruptcy-to-shut-its-stores.html|title=Caldor, in Bankruptcy, to Shut Its Stores|date=January 23, 1999|work=The New York Times|accessdate=January 3, 2015}}</ref>
One day after that, on January 23, 1999, liquidation sales began at the remaining 145 stores. By April 1999, most of the Caldor locations had sold off all their merchandise and closed their doors; the last store to close did so on May 15, 1999. At the time of the liquidation, Caldor employed over 24,000 people.{{citation needed|date=November 2019}}

Many Caldor stores eventually were purchased by retailers such as competitors [[Kmart (United States)|Kmart]], [[Target Corporation|Target]], and [[Walmart]], and many metro New York Caldor stores were bought by [[Kohl's]] as part of Kohl's entry into the New York retail market.<ref>{{cite news |last1=Greene |first1=Donna |title=A New Retailer Opens In Old Caldor Stores |url=https://www.nytimes.com/2000/04/09/nyregion/a-new-retailer-opens-in-old-caldor-stores.html#:~:text=Kohl's%20is%20a%2038%2Dyear,Manor%2C%20Nanuet%20and%20Wappingers%20Falls. |website=[[The New York Times]] |date=April 9, 2000 |access-date=16 May 2022}}</ref>