After more than 125 years in the retail business, Montgomery Ward is shutting its doors. The Chicago-based retailer has struggled financially for many years, though a 1999 plan to revamp stores revived hopes after its emergence from Chapter 11 bankruptcy. Employees said General Electric Co. is pulling financial support due to disappointing holiday sales.
Another big casualty of the slumping retail market is Bradlees; the Braintree, Mass.-based retailer also announced this week that it is going out of business. Agencies for Montgomery Ward and Bradlees are Laughlin Constable, Milwaukee and Doner, Southfield, Mich., respectively.
Copyright December 2000, Crain Communications Inc.