Braus Stores facts for kids
Braus Stores was a company that sold clothes for women. Their main offices were located at 285 Madison Avenue in Manhattan. The company officially started in January 1930. It was owned by a person named B.A. Hartstein. The company began with 100,000 shares of common stock, which are like small pieces of ownership in the company.
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Why Braus Stores Closed
Braus Stores faced big problems because of the Great Depression. This was a time in the 1930s when many people lost their jobs and businesses struggled. Because of these tough times, Braus Stores had to file for bankruptcy on August 10, 1932.
What is Bankruptcy?
Bankruptcy happens when a company cannot pay its debts. It's a legal way for a business to get help when it runs out of money. At the time of bankruptcy, Braus Stores was located at 5 East 13th Street.
Company Finances at Closing
When Braus Stores went out of business, they reported that they had assets worth $131,968. Assets are things the company owned, like money or property. Their main asset was about $30,000 worth of stock. However, they also had debts, called liabilities, totaling $66,899.
Who Braus Stores Owed Money To
Braus Stores owed money to several companies that supplied them with dresses and other items. Some of the main companies they owed money to included:
- Eagle Dress Company ($2,353)
- Fair Waist and Dress Company ($1,530)
- General Dress Company ($1,247)
- Gary Dress Company ($1,910)
- Majesty Dress Company ($1,228)
The Irving Trust Company was chosen to be the "receiver" for the company. A receiver is like a manager who helps sort out the company's money and debts during bankruptcy.
