Vornado liquidating trust
In 1946, the Hubschmans operated a snack bar concession in the Radio Corporation of America (RCA) plant in Harrison, New Jersey, which was one of the earliest US manufacturers of television sets.They became friendly with one of their customers, an RCA executive who invited Herbert to tour the plant.When mall anchors close, they take other stores with them.The bankruptcies of Payless Inc (PSS) and The Gymboree Corporation (GYMB) stem, at least in part, from mall closings.The chain acquired the manufacturers of the Vornado appliance brand in 1959, and spread beyond the New York City metropolitan area to more than 100 locations in upstate New York, eastern Pennsylvania, Connecticut, Massachusetts, Maryland, Virginia, and as far as Illinois and California.The company's financial success started to decline in the late 1970s, and it was defunct by 1982.
Vornado Realty Trust's origins can be traced back to an early discount store chain called Two Guys, founded in 1946 by brothers Sidney and Herbert Hubschman. Vornado began divesting its retail operations, and by the late 1970s owned only 60 Two Guys stores.Specifically, we can break down VNO into three big parts - retail, NYC office, and DC office.In this section we will explore VNO's history in these markets, which will put us on firmer footing when trying to grasp VNO's current property portfolio.During the tour, Hubschman saw a batch of scratched-cabinet television sets returned from the retailers as unsalable.
The Hubschmans worked out a plan to buy these sets for a low price, and sell them in a vacant lot for a markup on each set, providing their own publicity using car windshield flyers.
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