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Herman's World of Sporting Goods

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Herman's World of Sporting Goods
Company typeDefunct
IndustryRetail
Founded1916
Defunct1996
FateLiquidation
HeadquartersCarteret, New Jersey
ProductsSporting goods

Herman’s World of Sporting Goods was a sporting goods retailer in the United States.[1] Founded in 1916 by Herman and Eddie Steinlauf as a music store in Nassau Street, Lower Manhattan, the company expanded into sporting goods and grew to multiple locations in the New York metropolitan area, including East 42nd Street, East 34th Street, and Paramus, New Jersey.

In 1970, Herman's was sold to W. R. Grace and Company as a four-store chain. Leonard Steinlauf, who had expanded to a fourth store in Paramus, resisted the sale, preferring to develop a national chain of sporting goods superstores. Despite his objections, he sold his 25% share and later became CEO, but his tenure lasted less than ten years due to strained relations with W.R. Grace.[citation needed]

In 1985, Dee Corporation acquired Herman's and expanded westward by purchasing M&H Sporting Goods in 1986.[2] By 1992, Herman's operated 259 stores in 35 states.[3]

The company was sold to the Taggert/Fasola Group in 1993,[4] which filed for Chapter 11 bankruptcy due to excessive debt from acquisitions.[5][6] The company closed stores outside of the Northeast,[7][8] though it retained profitable locations.[9] Herman's emerged from Chapter 11 in September 1994 with 103 units in the Northeast Corridor.[10][11][12]

Despite efforts to revitalize, Herman's faced financial difficulties[13] and filed for Chapter 11 again on April 26, 1996.[14][15] The company eventually liquidated its stores,[16][17] with regional competitor Modell's Sporting Goods acquiring 16 locations.[18]

Herman's main executive offices and warehouse were located in Carteret, New Jersey.[19]

References

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  1. ^ Janofsky, Michael (February 10, 1993). "COMPANY NEWS; New Owners For Herman's Sports Chain". The New York Times. Retrieved November 16, 2007.
  2. ^ Oberbeck, Steven (July 17, 1986). "United Kingdom Food Retailer To Buy Wolfe's, Sunset Sports". The Salt Lake Tribune. Salt Lake City, Utah. p. B9. Retrieved November 17, 2022 – via Newspapers.com.
  3. ^ "HERMAN'S SPORTING GOODS LOSING MONEY, PUT ON MARKET". Sun-Sentinel. March 23, 1992. Archived from the original on May 30, 2020. Retrieved October 29, 2020.
  4. ^ "U.S. investor group to purchase Herman's Sporting Goods". UPI.com. February 9, 1993. Retrieved October 29, 2020.
  5. ^ "COMPANY NEWS; Bankruptcy Protection Is Sought for Herman's". The New York Times. March 16, 1993. Retrieved November 16, 2007.
  6. ^ "Herman's files bankruptcy, may close or sell stores". The Courier-News. March 16, 1993. p. B-4. Retrieved November 17, 2022 – via Newspapers.com.
  7. ^ Peterson, Susan E. (March 31, 1993). "Herman's seeks approval for closing 132 stores". Star Tribune. Minneapolis, Minnesota. p. 3D. Retrieved November 17, 2022 – via Newspapers.com.
  8. ^ France, Kym (June 24, 1993). "4 Arizona Herman's stores to be sold". Arizona Republic. Phoenix, Arizona. p. C1. Retrieved November 17, 2022 – via Newspapers.com.
  9. ^ "Herman's owners seek Chapter 11 protection". Star Tribune. Minneapolis, Minnesota. Bloomberg News Service. March 16, 1993. p. 3D. Retrieved November 17, 2022 – via Newspapers.com.
  10. ^ "Herman's new muscle". The Central New Jersey Home News. January 3, 1994. p. C1, C2. Retrieved November 17, 2022 – via Newspapers.com.
  11. ^ Turner, David L. (July 25, 1994). "New leadership gives Herman's a sporting chance". The Philadelphia Inquirer. p. D1, D12. Retrieved November 17, 2022 – via Newspapers.com.
  12. ^ Schlegel, Jeff (September 30, 1994). "Herman's leaving Chapter 11". The Central New Jersey Home News. p. C9. Retrieved November 17, 2022 – via Newspapers.com.
  13. ^ Geller, Adam (May 3, 1996). "Strike three for Herman's: Retailer confirms liquidation plans". The Record. p. B-1, B-5. Retrieved November 17, 2022 – via Newspapers.com.
  14. ^ "Herman's Sporting Goods files for Chapter 11 a second time". Daily Record. Associated Press. April 27, 1996. p. A6. Retrieved November 17, 2022 – via Newspapers.com.
  15. ^ "Herman's Sporting Goods calling it quits". The Courier-News. May 3, 1996. p. A10. Retrieved November 17, 2022 – via Newspapers.com.
  16. ^ Conroy, William (April 27, 1996). "Asking for time: Herman's seeks Chapter 11 protection again". Asbury Park Press. p. A10. Retrieved November 17, 2022 – via Newspapers.com.
  17. ^ Galler, Adam (May 1, 1996). "Prospects bleak for retailer — Grim and grimmer: Liquidation looms for Herman's". The Record. p. B-1, B-3. Retrieved November 17, 2022 – via Newspapers.com.
  18. ^ "Modell's buying 16 ex-Herman's stores". The Central New Jersey Home News. June 28, 1996. p. B9. Retrieved November 17, 2022 – via Newspapers.com.
  19. ^ "P.C. Richard & Son Doubles Size of Its New Jersey Warehouse and Distribution Facility (Press Release)". Studley.com. Archived from the original on February 27, 2012.
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