Montgomery Ward
Montgomery Ward was founded by Aaron Montgomery Ward in 1872. Ward had conceived of the idea of a dry goods mail-order business in Chicago, Illinois, after several years of working as a traveling salesman among rural customers. He observed that rural customers often wanted "city" goods, but their only access to them was through rural retailers who had little competition and did not offer any guarantee of quality.
On December 28, 2000, after lower-than-expected sales during the Christmas season, the company announced it would cease operating, close its remaining 250 retail outlets, and lay off its 37,000 employees. All stores closed within weeks of the announcement. The subsequent liquidation was at the time the largest retail Chapter 7 bankruptcy liquidation in American history.
On December 28, 2000, after lower-than-expected sales during the Christmas season, the company announced it would cease operating, close its remaining 250 retail outlets, and lay off its 37,000 employees. All stores closed within weeks of the announcement. The subsequent liquidation was at the time the largest retail Chapter 7 bankruptcy liquidation in American history.
