COMMENTARY:

This discount retail chain closed more than 20 years ago and there's not much left of it. I don’t have detailed memories of Stuart’s as I only visited their stores maybe two or three times when I was a kid. The logo above comes from a picture of the pylon sign at a shopping center in Massachusetts. It looks like a later Stuart's logo and is not the original Stuart’s logo. If you have more information about Stuart’s, contact us today.

OVERVIEW:

Stuart's was discount department store chain founded in 1957. Over the years, the company eventually expanded to 26 stores. During that period, it acquired Harry's of Barre VT. In 1988 when the chain operated 21 stores, they opened a new 55,000 sq.-ft store in New Bedford Mass. Late in the year however, they announced the closing of the Brunswick ME store. In May 1989, Stuart's acquired two stores from troubled retailer Mars (Athol & Salisbury Mass.). The company also built a major distribution center and office complex at 16 Forge Parkway in Franklin, Massachusetts. In 1990, Denis T. Lemire joined the company as Senior Vice President, merchandising. The company filed voluntary petitions for reorganization under Chapter 11 protection in December 1990. In October 1992, Stuart's emerged from Chapter 11 proceedings and had sales of $124 million.

When the chain expanded, the company invested a lot in new stores and upgrading existing stores but failed to modernize their sales/inventory tracking systems at the store level. The chain fell behind other retailers and increased competition in New England hit the chain's market share and sales. In 1993, Denis T. Lemire was named President and CEO of Stuarts. He eventually left Stuarts and joined Ames in August 1994.

For the 39 weeks ended 10/29/94, net store sales fell 7% to $71.7M. Net loss totaled $3.6M, up from $1.2M. Results were negatively impacted by the continued weak New England retail environment, and increased competitive activity. The Biddeford store closed in December 1994. In March 1995, the company announced that it would close six Stuart's and three Stuarts Too stores, a downsizing effort that reduced the chain to only 11 stores. The decision came after a preliminary financial report revealed the company expected to post losses over $10.5 million for fiscal 1995.

In May 1995, the company re-filed for bankruptcy protection under chapter 11. In June, the company decided to close 4 more stores, including Athol, Chelsea and Fitchburg MA along with Goffstown NH. After these closures, the company was down to only nine stores. After that, it became clear that the company's position was getting very unstable and at the end of July, the board of Directors approved the liquidation or sale of the company. The decision came after the company posted poor sales and operating results during the Father's Day selling period.