Jamesway operated a chain of discount department stores in the Mid-Atlantic region selling a wide variety of softgoods, hardgoods and homelines merchandise. By 1991, Jamesway had grown to 122 units with sales of $855 million.
Peter Hollis, former head of Ames, joined Jamesway in 1991 and was named president in February of this year. In april 1991, In an effort to strengthen its financial position, the company secured a $40 million refinancing agreement and closed 11 unprofitable stores. In january 1993, Jamesway rolled out a new store format and planned to complete remodeling the 108-store chain in the next three years, including redoing 30 stores in 1993. The remodelings were essentially facelifts with lighting, store layout, signage fixturing improved throughout the store.
In june 1993, Joseph Ettore, most recently chairman of Stuart's, rejoined the company as president. On July 19, 1993 the company filed for relief of the United States Bankruptcy Code. Before the filling, the chain had sales of $1,05 billion and 7,400 employees. In august, the discounter said it cut 70 headquarters jobs, and implemented a management realignment. "We want to stay in business," emphasized Joseph Ettore, president and ceo. Back then, Jamesway operated 108 stores.
The company emerged from bankruptcy on January 27, 1995 pursuant ot the plan of reorganization. Unfortunately for Jamesway, their recovery was short and they filed for Chapter 11 again in october 1995. For the 39 weeks ended 10/28/95, the sales fell 12% to $416M. Net loss increased from $10.9M to $21.4M. These results reflected a decrease in comparable store sales, two fewer stores in operation, lower margins due to increased markdowns, higher comparable advertising & payroll costs, and a risein interest expense. It was clear that the company was again heading for disaster with those numbers.
Jamesway Corporation had it's headquarters at 40 Hartz Way - Secaucus, New Jersey. The company had about 5,900 employees at the end of january 1995. The company finally went out of business in 1995, closing 90 stores throughout New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, and West Virginia.. The "Going-out-of-business" sale started in november 1995. Ames department stores acquired 13 former Jamesway locations.
VP, James Williams, Exec. VP, Kevin Frain, VP/Treas.
Former officers: Herbert R. Douglas, Pres./CEO, Michael Palmer, Exec. VP-Fin., Thomas Kiley, Exec.