Associated Dry Goods
(ADG) was a chain of department stores
that merged with May Department Stores
in 1986. It was founded in 1916 as an association of independent stores called American Dry Goods
, based in New York City
The chain began when Henry Siegel, who had founded department store Siegel, Cooper & Co.
, obtained financing from Goldman Sachs
for a store in New York
in the early twentieth century. Though Siegel failed in his endeavor, the remnants of the chain were merged with John Claflin's stores H.B. Claflin & Company
, along with Lord & Taylor
, Stewart & Co.
, and J. N. Adam & Co.
(with financing from J. P. Morgan & Company
), to create Associated Dry Goods. Other stores were spun off to Mercantile Stores Co.
Through the 1950s, 1960s and 1970s ADG continued to expand through acquisitions. In the 1970s, they created a new St. Petersburg, Florida-based department store, Robinson's of Florida
. However, ADG was most well known for its upscale New York City
based Lord & Taylor
division, with over 84 locations across the country. Lord & Taylor was ADG's largest and most profitable division.
In the early and mid-1980s ADG attempted to rationalize its department stores, focusing on high-growth areas. Several of its non-profitable department store chains were sold or shuttered. They merged Hengerer's
of Buffalo, New York into Rochester-based Sibley's
in 1981. 1983 saw the merger of... Read More