Loft, Inc. facts for kids
Loft, Inc. was once the biggest candy company in the world! This was back in the 1920s. They made their own candies and sold them all over New York City and Newark, New Jersey. They even owned another company called Happiness Candy Stores.
In 1941, Loft, Inc. joined with PepsiCo, the company that makes Pepsi soda. Soon after, the candy part of Loft's became its own separate company called Loft Candy Corporation. A businessman from Philadelphia named Albert M. Greenfield bought it. Under his leadership, Loft Candy grew a lot. They had 2,100 employees and made 350 different kinds of candy. These candies were sold in 15 states across the Eastern U.S. and the Midwest.
However, over time, the company faced many changes in who owned and managed it. This caused the company to start struggling. In 1971, a company called Southland Corporation bought Loft Candy. They tried to fix things by buying another candy company, Barricini Candies, Inc., but it didn't work. Many stores had to close, and people lost their jobs. The company was sold again in 1976, but this also went badly. By 1985, only 40 Loft's stores were left in the New York area. All their stores closed in 1988, and the company stopped making candy. It officially shut down in 1994.
Contents
The Sweet History of Loft's Candies
How Loft's Candy Began
The story of Loft's Candies started in 1860. An immigrant from England named William Loft opened a candy shop in Lower Manhattan, New York. His two sons followed in his footsteps. His oldest son, George W. Loft, took over the business in the 1890s.
George Loft was very ambitious. He quickly opened two more stores. Then, he added even more shops across New York City. He also moved the candy making out of the family kitchen. They used bigger and bigger factories, eventually ending up with a large one in Long Island City.
Growing the Candy Business
By March 1921, Loft, Inc. was doing so well that it paid out its first dividend to shareholders. This means the company was making enough money to share profits with its owners.
In the mid-1930s, Loft's ran some advertisements that the government didn't like. The Federal Trade Commission told them to stop saying that a sugar called glucose used in other candies was "impure" or "harmful." They had to be fair in their advertising.
In 1941, the candy-making part of Loft's became its own separate company. This new company was called Loft Candy Corporation. It was a direct result of the big merger between Loft, Inc. and Pepsi-Cola.
New Owners and Expansion
A famous businessman named Albert M. Greenfield from Philadelphia became interested in the new Loft Candy Corporation. His company, City Stores Company, quickly bought control of Loft Candy. Under this new management, Loft Candy grew even more. They opened stores in New York, New Jersey, and New England. They even had shops inside some of the larger New York City Subway stations.
By 1958, Loft's was almost 100 years old. The company owned or controlled stores across the Eastern U.S. and the Midwest. They were in 11 states and the District of Columbia. They made over $17 million in sales and had 2,100 employees. Loft's made 350 different kinds of candy. You could also find their candies in department stores, variety stores, and drugstores in 15 states.
The Decline of a Candy Giant
After 1960, Loft Candy Corporation had several different owners and managers. This led to problems for the company. In 1971, the Southland Corporation bought Loft Candy. A year later, Southland also bought Barricini Candies, Inc. They combined the two candy companies.
However, this didn't solve the problems. In 1973, Southland closed 31 Barricini and Loft's stores across 11 states. In 1976, Southland sold the Loft-Barricini operations. This included their factory in Long Island City and about 200 stores in the New York area. The B.L. Candy Company, Inc. bought them.
By 1985, there were only 40 Loft's Candies stores left in the New York area. The company changed its name to Barricini-Loft Co., Inc., in 1988. Sadly, all the remaining shops closed that year. The company stopped making candy and officially ended its business in 1994.
