Gimbels, the iconic department store chain, closed its doors permanently in 1986.
The closure marked the end of an era for the retail giant, which had a significant presence in American shopping for decades. The decision to cease operations came after a period of ownership changes.
The History Leading to Gimbels' Closure
The retail landscape saw significant shifts in the latter half of the 20th century, which ultimately led to the demise of Gimbels. Here's a brief timeline of key events from its later years:
- 1973: Brown & Williamson, a tobacco company, acquired Gimbel Bros., which included the Gimbels department stores and the upscale Saks Fifth Avenue brand. Brown & Williamson later formed BATUS Inc., a diversified holding company.
- 1986: BATUS Inc. made the strategic decision to close all Gimbels stores. This move signaled a shift in their retail focus.
- 1990: Following the closure of Gimbels, BATUS Inc. subsequently sold the Saks Fifth Avenue brand to Investcorp S.A., further streamlining its portfolio.
The closure of Gimbels in 1986 was a notable event in retail history, reflecting the competitive pressures and evolving strategies within the department store sector during that period.
