Obituary: T.J. Maxx co-founder Sumner Feldberg, who helped transform retailing, challenged the idea that people in retailing needed instincts about style and fashion
He joined his father at Bell Shops, where his first job was unpacking and inspecting merchandise. Mr. Feldberg soon recognized that the business was overly dependent on downtown locations that were losing shoppers to suburban malls. Some New England rivals were opening discount stores in abandoned textile mills, which came with cheap rents and plenty of parking space.
“We grew at a ferocious pace, doubling in size every two years,” he said in a video interview prepared for his family. To help fund that growth, the family’s Zayre Corp. went public in 1962. One of his cousins, Stanley Feldberg, was president of Zayre. Sumner Feldberg headed financial operations and later was promoted to chairman.
Ames Department Stores Inc. acquired the core Zayre discount stores in 1988 for about $800 million. Less than two years later, Ames filed for bankruptcy-court protection, largely because of losses at the former Zayre stores.
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