Siegel Stores Corporation facts for kids
The Siegel Stores Corporation was a big company that owned other businesses. It was based in Manhattan, New York City, and Boston, Massachusetts. This company went out of business in December 1913 because it could no longer pay its bills.
When the company faced problems, a judge from the United States District Court named John S. Sheppard Jr. and William A. Marble to help manage its affairs. Siegel Stores Corporation was officially started in Delaware in 1909. Before it closed, the company was doing about $40,000,000 worth of business.
What Was Siegel Stores Corporation?
Siegel Stores Corporation was a type of company called a holding company. This means it owned and controlled other smaller companies. It was like a parent company for several stores.
In New York City, it controlled a store on 14th Street (Manhattan). It also owned a company called Simpson-Crawford, which started in 1910. These stores were part of the larger Henry Siegel Company, which was based in Boston.
Who Was Henry Siegel?
Henry Siegel was an important person in this business. He managed four different stores. He was also the president of the Siegel Stores Corporation. This means he was in charge of the entire group of companies.
Why Did the Company Close?
The Siegel Stores Corporation went out of business because it became bankrupt. This happens when a company doesn't have enough money to pay what it owes. The company's financial troubles became public after another company, the Merchants Express Company, took legal action against it. This legal action showed that Siegel Stores Corporation was having serious money problems.
