Younkers Inc. is an American online retailer and former department store chain founded as a family-run dry goods business in 1856 in Keokuk, Iowa. The retailer had evolved over more than 150 years to include a presence in locations throughout Iowa and bordering states in the Midwest region of the United States. Younkers became influential as it acquired several rivals throughout the 20th century both inside and outside of Iowa. The chain itself was sold by the late 1990s, with ownership transferring out of state, and its Des Moines-based headquarters closed by 2003 as a part of a corporate consolidation. Following its last sale in 2006, Younkers operated as a subsidiary of The Bon-Ton, with locations in seven Midwestern states, primarily in shopping malls. As of 2013[update] the chain operated more than fifty locations in the region. On August 29, 2018, Younkers closed its doors one last time.[2]
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Retail |
| Founded | 1856 in Keokuk, Iowa |
| Founders | Marcus Younker Lipman Younker Samuel Younker |
| Fate | Subsidized into online retail by BrandX.com |
| Headquarters | Des Moines, Iowa (until 2003) Milwaukee, Wisconsin (2003-2021) New York, NY (2021 onwards) |
Number of locations | 49 Until the parent company's liquidation in 2018[1] |
| Products | Clothing, footwear, bedding, furniture, jewelry, beauty products, housewares |
| Parent |
BrandX.com (2021-present) |
| Website | Younkers.com |
History
editBeginnings
editThe company was founded by three Polish Jewish immigrant brothers Lipman, Samuel, and Marcus Younker,[3] who opened a general store in Keokuk, Iowa, in 1856. Herman Younker, a younger half-brother to the three founders, opened a dry goods store in Des Moines, Iowa, in 1874. Following Samuel's death in 1879, the Keokuk store was closed and the Des Moines location became the main store. The future novelist and newspaper editor Eleanor Hoyt Brainerd worked as a clerk at the Younkers store in Des Moines in 1889.[4] In 1899 the Younker brothers' main store in downtown Des Moines was moved to 7th and Walnut Streets, and it operated at the same location for 106 years before closing on August 12, 2005. The downtown Des Moines store became known for its Tea Room restaurant, which opened in 1913 and closed shortly before the store did. It also installed Iowa's first escalator, known as the "electric stairs," in 1939.
Younkers Incorporated
editA series of additions, enlargements, and mergers resulted in the company changing its name to Younkers Incorporated. The department store in downtown Des Moines was purchased in 1912. The company started growing in the 1920s by acquiring other department stores throughout Iowa, including Wilkins Department Stores (1923), Harris-Emery (1927), and J. Mandelbaum and Sons (1928). The Iowa-based retailers Brintnall's of Marshalltown and Davidson's of Sioux City were acquired in 1948 and Yetters of Iowa City was acquired in 1949.[5] Younkers began expanding outside of Iowa during the 1950s and opened its first shopping mall store in Omaha, Nebraska, in 1955. (It acquired another Omaha department store, Kilpatrick's, in 1961.) By 1978 Younkers had 28 stores in five states.
Fires
editIn November 1978, a fire broke out in the Younkers store in the Merle Hay Mall in Des Moines, killing 11 people.[6] To date, it is the most devastating fire in Des Moines' history, and destroyed the original Younkers at the mall. It is also the third deadliest department store fire in US history. The fire was caused by faulty wiring.[7]
In the early hours of March 29, 2014, a fire ravaged the former Younker Brothers Department Store in downtown Des Moines while it was under renovation.[8][9] The eastern, original 1899 building partially collapsed in the fire and was demolished;[8] the western 1909 Wilkins Department Store building, that Younker's had expanded into in 1924, was still standing as of 2016[update] and undergoing renovation.[10]
Acquisitions of Brandeis and H.C. Prange
edit
Younkers was operated by the Equitable of Iowa insurance company from 1979 to 1992 after being a publicly traded company since 1948.[11][12] Under Equitable's ownership, Younkers acquired all 11 locations of the Omaha-based Brandeis department store chain in 1987.[13] After returning to public ownership on the NASDAQ on April 22, 1992, Younkers purchased the 22 stores of the H.C. Prange chain in Wisconsin and Michigan.[14]
Acquisition by Proffitt's
editAfter a hostile takeover bid by Carson Pirie Scott was rejected in 1995, Younkers' shareholders agreed to a friendly merger by Proffitt's, Inc., of Knoxville, Tennessee. The merger was completed in December 1996. Proffitt's would later acquire Carson Pirie Scott, and in 1998 Proffitt's acquired Saks Fifth Avenue to form Saks Incorporated. In 2003, Saks closed Younkers' headquarters in Des Moines and merged its operations with those of Carson Pirie Scott in Milwaukee, Wisconsin.
Sale to The Bon-Ton
editSaks sold Younkers and its other Northern Department Store Group stores (Carson Pirie Scott, Bergner's, Boston Store, and Herberger's) to Bon-Ton Stores in a $1.1 billion (~$1.6 billion in 2023) deal that was completed on March 6, 2006.[15]
On January 31, 2018, Bon-Ton announced that they were going to close 42 locations nationwide including 9 in the state of Wisconsin between February and April 2018.[16]
It was further announced on April 17, 2018 that Bon Ton Stores would be closing doors and began 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 included all remaining Younkers locations after 162 years of operation. According to national retail reporter Mitch Nolen, stores closed within 10 to 12 weeks.[17][18]
On August 29, 2018, Younkers closed its doors and shut down.[19]
Sale to BrandX.com, Inc
editOn September 10, 2018, of Merrillville, Indiana-based CSG Generation acquired all trademark and intellectual property assets of The Bon-Ton (York, Pa.).[20] Subsequently, in early 2021, CSC Generation sold all the acquired assets of Bon-Ton to New York-based BrandX.com in a private sale.
In May 2022 BrandX.com announced that Younkers would reopen with a physical location in 2023.[21]
References
edit- ^ "The Bon-Ton Stores, Inc. 2012 Annual Report" (PDF). Retrieved Aug 13, 2019.
- ^ "Younkers: The last day". KIMT News. Retrieved Aug 13, 2019.
- ^ Jewish Daily Forward: "Iowa's Fields of Midwestern Jewish Dreams" by Stephen G. Bloom September 23, 2014
- ^ Bushnell's Des Moines City and Polk County Directory (Des Moines, 1889)
- ^ Renshaw, Eric. "Looking Back: Younkers' history dates to 1856 Iowa, where goods came upriver". Argus Leader. Retrieved 2023-04-11.
- ^ Gothner, Chris (2018-04-18). "Younkers going out of business after liquidation firms win bid". KCCI. Retrieved 2023-04-11.
- ^ Alex, Tom. "Looking back: 1978 Merle Hay Mall Younkers fire one of most deadly in Iowa". The Des Moines Register. Retrieved 2023-04-11.
- ^ a b "Fire claims former Iowa department store building". NewsOK. Oklahoma City. Associated Press. March 29, 2014. Retrieved 2017-07-23.
- ^ "Downtown Younkers building burns". KCCI. Des Moines, Iowa. 2014-03-29. Retrieved 2017-07-23.
- ^ "A Des Moines Landmark May Rise From Its Ashes". The New York Times (online ed.). May 24, 2016. Retrieved 2017-07-23.
- ^ Archives, L. A. Times (1997-07-09). "Dutch Giant ING to Buy Insurer Equitable of Iowa". Los Angeles Times. Retrieved 2023-04-11.
- ^ "COMPANY NEWS; Equitable of Iowa To Sell Younkers". The New York Times. 1989-06-01. ISSN 0362-4331. Retrieved 2023-04-11.
- ^ "Younkers Announces Planned Purchase of Brandeis Department Stores". AP NEWS. Retrieved 2023-04-11.
- ^ "Prange Stores Bought". The New York Times. Associated Press. 1992-09-07. ISSN 0362-4331. Retrieved 2023-04-11.
- ^ "Bon-Ton". Archived from the original on March 11, 2007. Retrieved Aug 13, 2019.
- ^ Wallenfang, Maureen (2018-01-31). "Younkers, an anchor store at Fox River Mall since 1992, to close". The Post-Crescent. Gannett Company. Retrieved 2018-02-01.
- ^ "Bon-Ton Stores to close (report)". syracuse.com. Retrieved 2018-04-17.
- ^ "Liquidators to wind down US department store chain Bon-Ton". CNBC. Retrieved 2018-04-18.
- ^ "Younker's closes doors across the state of Iowa". kcrg.com. Retrieved 2018-08-29.
- ^ "Bon-Ton Acquired by CSC Generation". 19 September 2018.
- ^ "Bon-Ton, Carson's, Younkers: Company plans to bring back 12 disappeared department store brands - Bizwomen". The Business Journals. Retrieved 2022-11-04.
- FundingUniverse.com. "Younkers Inc. Company History". Retrieved 2007-06-07.
- Johnson, Patt (November 1, 2005). "Younkers Gets New Owner". Des Moines Register.
- Saks Incorporated (2004). "Younkers History". Archived from the original on 2004-04-13. Retrieved 2006-04-13.