G. R. Herberger's Inc. is a department store chain founded in 1927 with 41 locations throughout the Midwestern United States. The chain was sold in the late 1990s amid growing consolidation in the department store industry, while continuing to operate as a separate nameplate and later sharing a corporate division headquartered in Milwaukee, Wisconsin, with Carson's, Bergner's and other regional chains by the close of the century.
Video Herberger's
History
Herberger's began in Osakis, Minnesota, when G.R. "Bob" Herberger opened his first store in 1927. Herberger's was incorporated for the purpose of acquiring additional stores and expanding into other communities in 1943. By 1972, it grew to 11 stores in four states, with its headquarters in downtown St. Cloud, Minnesota. G. R. Herberger's, Inc., by then an employee-owned company, merged with Proffitt's Inc. in 1997 in stock deal valued at approximately $160 million.
As Proffitt's Inc. evolved into Saks Incorporated with the company's acquisition of Saks Fifth Avenue, Herberger's eventually became part of the corporation's Northern Department Store Group, an assortment of store locations initially acquired by Proffitt's Inc. as Carson Pirie Scott & Company. On October 31, 2005, Saks announced that it was selling Herberger's and its other Northern Department Store Group stores (Carson Pirie Scott, Bergner's, Boston Store, and Younkers) to Bon-Ton Stores in a $1.1 billion deal; the transaction was completed on March 6, 2006.
Bon-Ton announced on April 17, 2018, that they will be closing doors and begin liquidating all 267 stores after two liquidators, Great American Group and Tiger Capital Group, won an auction for the company. The bid was estimated to be worth $775.5 million. This includes all remaining Herberger's locations after 91 years of operation. According to national retail reporter Mitch Nolen, stores will close within 10 to 12 weeks.
Maps Herberger's
References
External links
- Herberger's Official Website
- The Bon-Ton Stores, Inc. investor relations home page
Source of article : Wikipedia
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