Slogan: Guaranteed satisfaction !
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I don’t know much about this store chain but I remember seing their logo on rink boards during the Hartford Whalers hockey games several years ago. The company operated about 167 stores. Hills closed a couple of them over the years until 1998 when Ames department stores made an offer to acquire the company to expand its market share. Ames eventually bought the 155-store chain along with some Caldor and Goldblatt's locations. This move allowed Ames to expand to the mid-west. Ames became the nation’s 4th largest discounter with this move. In 2000, Ames closed 32 stores including 31 former Hills. Ames had to file for Chapter 11 bankruptcy to to re-organize in 2001, mostly because the Hills-related debt was becoming a burden. I wonder if Hills would have survived longer without the acquisition by Ames...
OVERVIEW:
OVERVIEW:
Hills Stores Company, formerly Hills Department stores, operated a chain of discount department stores under the trade name Hills Department Stores. In January 1998, the company had 155 stores in twelve states. For the 39 weeks ended 10/31/98, net sales fell 2% to $1.12B. Net loss totaled $126M, up from $29.9M. Revenues reflected sales decreases in apparel, toys and electronics. The loss also reflected a $49.6M income tax provision vs. a $17.2M income tax benefit.
Hills was the nation's eighth largest discount retailer. Hills had annual sales of approximately $2 billion and operated in 12 Mid-Western and Mid-Atlantic states, with a majority of its stores located in Ohio, Pennsylvania, West Virginia, Indiana and New York. Hills Stores Company was headquartered at 15 Dan Road in Canton, MA. At the end of January 1998, they had 8,550 employees. In 1998, Ames acquired the chain increasing their store count by 50%.
The company's goal was to be the store of first choice for the value conscious family by offering: Dominant merchandise assortments for Apparel and Home at Everyday low prices with responsive customer service/satisfaction guaranteed.
OFFICERS: Chaim Y. Edelstein, Chmn./CEO, C. Scott Litten, Exec. VP/CFO, William K. Friend, Sr. VP/Secy./Counsel, Brian J. Sheehan, VP/Contr.
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