Herman's World of Sporting Goods explained

Herman's World of Sporting Goods
Type:Defunct
Fate:Liquidation
Foundation:1916
Location:Carteret, New Jersey
Industry:Retail
Products:Sporting goods
Defunct:1996

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.

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]

Notes and References

  1. News: Janofsky . Michael . February 10, 1993 . COMPANY NEWS; New Owners For Herman's Sports Chain . November 16, 2007 . The New York Times.
  2. News: Oberbeck . Steven . July 17, 1986 . United Kingdom Food Retailer To Buy Wolfe's, Sunset Sports . November 17, 2022 . The Salt Lake Tribune . Salt Lake City, Utah . B9 . Newspapers.com.
  3. Web site: March 23, 1992 . HERMAN'S SPORTING GOODS LOSING MONEY, PUT ON MARKET . live . https://web.archive.org/web/20200530113519/https://www.sun-sentinel.com/news/fl-xpm-1992-03-23-9201300079-story.html . 2020-05-30 . 2020-10-29 . Sun-Sentinel.
  4. Web site: February 9, 1993 . U.S. investor group to purchase Herman's Sporting Goods . 2020-10-29 . UPI.com.
  5. News: March 16, 1993 . COMPANY NEWS; Bankruptcy Protection Is Sought for Herman's . November 16, 2007 . The New York Times.
  6. News: March 16, 1993 . Herman's files bankruptcy, may close or sell stores . November 17, 2022 . The Courier-News . B-4 . Newspapers.com.
  7. News: Peterson . Susan E. . March 31, 1993 . Herman's seeks approval for closing 132 stores . November 17, 2022 . Star Tribune . Minneapolis, Minnesota . 3D . Newspapers.com.
  8. News: France . Kym . June 24, 1993 . 4 Arizona Herman's stores to be sold . November 17, 2022 . Arizona Republic . Phoenix, Arizona . C1 . Newspapers.com.
  9. News: March 16, 1993 . Herman's owners seek Chapter 11 protection . November 17, 2022 . Star Tribune . Minneapolis, Minnesota . 3D . Newspapers.com . Bloomberg News Service.
  10. News: January 3, 1994 . Herman's new muscle . November 17, 2022 . The Central New Jersey Home News . C1, C2 . Newspapers.com.
  11. News: Turner . David L. . July 25, 1994 . New leadership gives Herman's a sporting chance . November 17, 2022 . The Philadelphia Inquirer . D1, D12 . Newspapers.com.
  12. News: Schlegel . Jeff . September 30, 1994 . Herman's leaving Chapter 11 . November 17, 2022 . The Central New Jersey Home News . C9 . Newspapers.com.
  13. News: Geller . Adam . May 3, 1996 . Strike three for Herman's: Retailer confirms liquidation plans . November 17, 2022 . The Record . B-1, B-5 . Newspapers.com.
  14. News: April 27, 1996 . Herman's Sporting Goods files for Chapter 11 a second time . November 17, 2022 . Daily Record . A6 . Newspapers.com . Associated Press.
  15. News: May 3, 1996 . Herman's Sporting Goods calling it quits . November 17, 2022 . The Courier-News . A10 . Newspapers.com.
  16. News: Conroy . William . April 27, 1996 . Asking for time: Herman's seeks Chapter 11 protection again . November 17, 2022 . Asbury Park Press . A10 . Newspapers.com.
  17. News: Galler . Adam . May 1, 1996 . Prospects bleak for retailer — Grim and grimmer: Liquidation looms for Herman's . November 17, 2022 . The Record . B-1, B-3 . Newspapers.com.
  18. News: June 28, 1996 . Modell's buying 16 ex-Herman's stores . November 17, 2022 . The Central New Jersey Home News . B9 . Newspapers.com.
  19. Web site: P.C. Richard & Son Doubles Size of Its New Jersey Warehouse and Distribution Facility (Press Release) . dead . https://web.archive.org/web/20120227062051/http://www.studley.com/page.ww?name=Press+Release&section=Press+Room&newsItem.id=552&titleParam=P.C.+RICHARD+&+SON+DOUBLES+SIZE+OF+ITS+NEW+JERSEY+WAREHOUSE+AND+DISTRIBUTION+FACILITY . 2012-02-27 . Studley.com.

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