Founded as Gem Co. by an Anaheim jeweler in 1959, Gemco consisted of two stores when it was acquired by Lucky in 1962. The membership-store chain flourished until recently, when K mart, Target and other discounters captured a share of the market once dominated by Gemco.
Who founded GEMCO?
GEMCO is currently led by President Mark DiVenere, grandson of Dominic DiVenere, one of GEMCO’s five co-founders and the son of Peter DiVenere who led the organization as President from 1986 until 2001.
Is GEMCO still in business?
Gemco was an American chain of membership department stores that was owned by San Leandro-based Lucky Stores, a California supermarket company which eventually became part of Albertsons. Gemco operated from 1959 until closing in late 1986.
Why did GEMCO close?
Gemco’s parent company, Lucky Stores Inc., announced Thursday that it was closing and selling all of its Gemco stores–70 in California and 10 in Arizona and Nevada–by the end of the year, apparently to blunt a takeover bid by New York financier Asher B. Edelman.
What happened to White Front Stores?
White Front was closed after Interstate filed for bankruptcy in 1974. Some of the locations were changed to Two Guys, another discount chain. Two Guys soon failed as well, and the stores became relabeled as FedMart stores, which eventually were purchased by Target.
What happened to service merchandise?
Service Merchandise eventually filed for bankruptcy and liquidated in 2002 after being unable to compete on price and selection against big box stores and internet sellers. It still operates as an e-commerce site.
Are Vons and Ralphs owned by the same company?
Ralphs, a division of Kroger Co., and Albertsons Cos., which owns Vons and Pavilions, said they were pleased with the pact reached last weekend.
What happened Hughes markets?
For 45 years Hughes Markets was privately owned and family-operated, but in 1997 the company was acquired by Quality Food Centers, Inc., a Seattle, Washington-based supermarket chain.
What happened to Fed Mart?
FedMart went out of business in 1982.
Why did Mervyns go out of business?
In 2012, CNN Money reported that the firms and several banks agreed to pay Mervyn’s creditors $166 million to settle allegations that the firms “took fraudulent profits” and intentionally drove the department store into bankruptcy.
What happened to Memco?
Memco officials said the stores will be closed Jan. 15, the employes terminated and the merchandise sold to a liquidation firm that will sell it off. The store buildings will be taken over by Bradlees, a rapidly-growing Massachusetts discount chain, which said it plans to remodel the stores and reopen them next summer.
