Deb Shops
| Company type | Privately Held Company |
|---|---|
| Industry | Apparel, [{Retail]] |
| Founded | 1932 |
| Founder | Philip Rounick and Aaron Weiner |
| Headquarters | Philadelphia, Pennsylvania, USA |
| Products | Clothing, Accessories |
Number of employees | 2,600 |
| Website | www.debshops.com |
Deb Shops is a specialty retail chain store in the United States dedicated to selling women's clothing, sportswear, fashion, and accessories under its own private labels as well other well-known labels. The company is based in Philadelphia, Pennsylvania and principally serves women in their early-teens through their late-twenties. Deb Shops operates 337 stores across 42 states[1]. Deb Shops has a website at www.debshops.com.
History
The company was founded by Philip Rounick and Aaron Weiner opened their first store under the name JOY Hosiery in Philadelphia, Pennsylvania in 1932. JOY Hosiery initially sold reasonably priced hosiery, lingerie, and foundations in a wide variety of styles. In 1939, it added nylon stockings to its inventory when those became available.
The company continued to grow in the 1950's adding new stores in various Philadelphia neighborhoods. At this time, the company also began adding sportswear to the products it sold eventually establishing a 50/50 balance.
Company Co-Founder Philip Rounick's son, Marvin Rounick, became more involved in the management of the company joining in 1961. Co-Founder Aaron Weiner's son, Warren Weiner, followed suit in 1965. During this time, the company observed the new phenomenon of suburban growth and construction of shopping malls. They responded by opening stores in several locations making them larger and offering more merchandise.
In the 1970's, Marvin Rounick and Warren Weiner took a more active role in the management of the company and made several key decisions that would affect the future of the company. First, they closed most of the neighborhood stores and focused on opening larger stores in shopping malls. Next, they made the decision to focus on the junior customer. Lastly, to reflect the new direction of the company, they changed the name to its present day Deb ShopsCite error: The <ref> tag has too many names (see the help page)..
The company was listed on the NASDQAQ Exchange under the ticker symbol DEBS. However, it was removed from the exchange after being acquired in 2007 by the investment firm of Lee Equity Partners for $395 million, or $27.25 per share[1].
References
- ^ a b "Deb Shops Checks Out of Nasdaq". Retrieved 2008-11-24.