Petrie stores liquidating trust
He began to expand, and in 1932, backed by a loan from the Reconstruction Finance Corporation and four silent partners, Petrie Stores Corporation was incorporated in New York.
Petrie expanded his stores into a small chain and added other apparel items, and sales soon reached million.
Dorothy Fink Stern and Jean Roberts, longtime vice-presidents, also started out with Petrie in the early days.
For years they were among the highest ranking women in the business, yet their salaries were always modest, less than their male counterparts at the company.
Under the names Petrie's, Marianne, and Stuarts, Petrie Stores worked by the same guidelines throughout their history. Advertising was considered unnecessary as the shops relied on their low prices and the closed environment of the shopping center to lure customers.
The shops did not deliver or make alterations, and merchandise consisted of in-house brands.
Petrie Stores concentrated on turning over and moving inventory quickly.
Milton Petrie was raised in Salt Lake City, Utah, the son of a Russian immigrant who ran several clothing shops.
His father went bankrupt while Milton Petrie was young, and Milton worked various jobs until he saved enough money to open a small hosiery shop called Red Robin in Cleveland, Ohio, in 1927.
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Despite the accumulation of cash, Petrie remained hesitant to diversify, declining to carry larger sizes or maternity clothing.