169:, had wholesale distributors of shoes rather than manufacturers. As Peters moved up in the company, the city's production of shoes increased from a half-million in 1883 to nine times that, and Claflin, Allen & Company was one of the largest shoe makers. Peters became president and then left in 1891 to form his own company, Peters Shoe Company, with help from relatives. Peters Shoe Company started with $ 200,000 in capital and almost doubled in size in its first decade, requiring a move from 7th Street and Washington Avenue to a larger building at 11th Street and Washington.
415:, making financing of the bid more difficult. Interco took on debt to discourage other offers, and the Rales group eventually backed off. But Interco could not make enough money by selling its unprofitable operations; For example, selling Ethan Allen brought in $ 388 million rather than the expected $ 550 million. The company's debt had jumped from $ 300 million in 1988 to $ 2.6 billion in 1989, and operations were not producing enough income to cover the payments. On July 31, 1990, an agreement with creditors to extend loan maturities to 1997 was intended to avoid
211:. The two largest shoe companies in the city, Roberts, Johnson & Rand and Peters Shoe Company, merged in 1911 to form International Shoe Company, but each company kept its own identity. Peters Shoe remained in its own building, with Weatherbird Shoes on display, until 1930, when the company moved into what had become the International Shoe Building. Washington Avenue became known as "Shoe Street U.S.A." because it "claimed more shoe trade than any other street in the world".
300:. With Jackson Johnson's death, Rand moved into the chairman's slot and served in that position until his death in 1949. William H. Moulton, who had joined Roberts, Johnson & Rand in 1908, took over as president, serving until his 1939 retirement. International Shoe not only endured the Depression but thrived, due to lower prices increasing demand for shoes, and the lack of labor trouble. Eventually, most International Shoe plants organized because the
367:. Overall, by the mid-1970s, 44 percent of shoes in the U.S. came from other countries. But Chambers' strategies kept Interco successful, reaching a billion dollars with consistent growth in sales and earnings. Chambers moved to the chairman's job in 1976, with William H. Edwards Jr. taking over as president, but continuing Chambers' policies.
281:
ruled in 1930 that the merger could take place. Without a union, workers had to grudgingly accept the inevitable layoffs and wage reductions which kept the company profitable. The company found itself in the
Supreme Court again in 1945, where its practice of soliciting in-person offers and fulfilling
525:
to an operating company; certain departments would move from the company's divisions to headquarters, but any job related to a specific brand would remain at the appropriate division. State and county incentives worth $ 4 million played a role in the decision. The company completed its 52,000 square
494:
In 2008, intending to focus on homes rather than businesses, Furniture Brands announced the sale of
Hickory Business Furniture to HNI Corporation for $ 75 million. Also that year, Henredon moved its headquarters to one of its High Point plants that year, and Drexel Heritage moved in with Thomasville
588:
Furniture Brands
International became FBI Wind Down Inc., and chief administrative officer and general counsel Meredith Graham was put in charge of liquidation. Heritage Home Group was considered a subsidiary of FBI Wind Down. FBI Wind Down cancelled its stock effective August 1, 2014 but continued
402:
in 1986. Footwear and furniture were the company's most profitable areas, and the goal was to sell other businesses. Unfortunately, due to the costs of buying
Converse and Lane, Interco itself appeared by this time to be a takeover target, more profitable as a group of separate companies to be sold
362:
International Shoe
Company became Interco Inc. on March 1, 1966. The new name reflected the company strategy of buying businesses in many different areas. Interco had three major divisions—apparel, footwear, and retailing. From 1964 to 1978, the company bought 20 other manufacturers or retailers as
426:
in
January 1991 and sold all of its operations except Broyhill, Lane, Converse, and Florsheim. Apollo Investment Fund, Ltd., led by Drexel Burnham Lambert's Leon Black, took a controlling interest in the reorganized Interco, which emerged from bankruptcy in August 1992. In 1994, Interco exited the
490:
Despite a decline in the industry as a whole, Furniture Brands continued to be successful and expanded into retail. In 2007, Furniture Brands announced that
Thomasville and Drexel Heritage would increase the number of company-owned stores for their products, but that Broyhill and Lane would close
196:, in 1892 and started the Johnson, Carruthers & Rand Shoe Company. Henry O. Rand, father of Frank, and John C. Roberts were financial backers. In 1898, the Johnsons sold their company and moved to St. Louis to start Roberts, Johnson & Rand Shoe Company. Frank Rand, a graduate of
386:
company that was the world's largest privately owned furniture maker, with 20 factories and 7,500 employees. Paul
Broyhill remained as CEO for five more years, leaving when Interco made changes with which he did not agree. In 1987, under new president Harvey Saligman, Interco bought
214:
Jackson
Johnson became president of International Shoe Company, succeeded in 1915 by his brother Oscar, who died in 1916. Frank Rand took over as president. Jackson Johnson remained chairman until he died in 1929. The company became known for quality shoes at low to moderate prices.
318:. The company had 30,000 employees and became by far the U.S. government's largest supplier of footwear during the war, despite opposition by labor unions. Consumer demand also increased, and in 1944 International Shoe once again reached its 1929 production levels.
458:
segment. His strategy of focusing on furniture proved successful, and by 1999 Furniture Brands
International had fifteen straight quarters of increased earnings. Thomasville Furniture, the third manufacturer, and a deal with retailer
989:
470:
announced Furniture Brands International would buy Henredon, Drexel Heritage and Maitland-Smith for $ 275 million, in a deal expected to return Furniture Brands to the number one U.S. furniture manufacturer, a title lost to
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453:
Interco became Furniture Brands International on March 1, 1996. That same year, Mickey Holliman of the Action Industries subsidiary succeeded Loynd as president. Holliman had made his company into the leader in the
491:
their St. Louis-area stores and focus on selling through furniture stores that sold other brands. At the time, the Designer Brands group included Henredon, Hickory Chair, Laneventure, Maitland-Smith, and Pearson.
333:
both served as president, but the company began a period of diversification due to the influence of Maurice R. Chambers even before he became president in 1962. Major acquisitions included high-end shoe maker
592:
FBI Wind Down sold four more Furniture Brands properties to 21 BC LLC in 2015. In High Point, sites on Fairfield Road and Copeland Avenue were included. Thomasville and Morganton locations were also sold.
354:, that had operated since 1916 and was making 5,000 shoes a day. A retail division began in 1959, and International Shoe began buying companies in other countries and even in businesses other than shoes.
325:, rubber heels, cement, containers, and material for shoe linings. Rand's death the previous year began a change in the company's outlook as the Rand family influence began to decrease. Frank Rand's sons
547:
Furniture Brands' market capitalization (or total value of its shares) fell from $ 1.8 billion in 2004 to $ 31 million in 2013. The company has lost money every year since 2007 and was delisted from the
203:
By 1905, St. Louis had moved from ninth to third in the country in shoe production. Peters Shoe Company had continued significant growth, and its products sold all over the United States and even in
499:
furniture ending, the company dropped the position of Henredon Furniture president, with the Designer Group president taking over that role. This was part of a companywide strategy to consolidate
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993:
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LLC for the new owner of "substantially all of the assets" of Furniture Brands on November 25. Also announced at that time was the resignation of Furniture Brands chairman and CEO
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565:. The company planned to sell all businesses other than Lane Furniture to a group managed by Oaktree Capital Management LP. On October 2, a judge approved a $ 280 million
374:
and its six factories, as part of Interco's expansion into the apparel industry. In 1980, Interco added furniture as a major division. That year the company bought
1453:
577:, the largest stockholder, announced its intention to bid but that bid never took place, and on November 22, a judge approved the KPS bid. KPS announced the name
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263:
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343:
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944:"Furniture Brands International Announces Proposed Acquisition of Henredon, Drexel Heritage, and Maitland-Smith From Lifestyle Furnishings International"
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twice in less than a year. Analyst Budd Bugatch of Raymond James & Associates compared Furniture Brands board members to the pigs in George Orwell's
403:
than as a single unit. In 1988, Steven M. Rales and his brother Mitchell led a group that offered $ 2.47 billion, but that bid ran into trouble when the
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479:-based subsidiary HDM Furniture Industries, Inc. in 2005. Drexel Heritage CEO Jeff Young became the CEO. Also that year, HDM announced plans to move
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Also in 2008, the Drexel Heritage/Henredon plant in High Point closed. This left the company with two High Point plants, and one each in
475:
when that company bought LADD in 2000. The three companies, which gave Furniture Brands a top position in premium furniture, became the
1234:
521:. The number of employees at the new site would increase from about 75 to about 225. At the same time, the company was changing from a
422:
In 1989, Richard Loynd, Converse's chairman and the leader of his company's buyout effort, became Interco president. Interco filed for
200:, became a stock clerk and advanced to become vice-president. A headquarters building went up at 15th Street and Washington in 1909.
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them in a state separate from its retail locations was the subject of a landmark case taught in law schools across the country.
1461:
544:, Maitland-Smith moved its showroom into that of Henredon and moved its outlet from Tomlinson Road to its Penny Road office.
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gave International Shoe a major opportunity, as it was the only shoe company large enough to bid for all the business of the
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737:
174:
159:
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In addition to Weatherbird, International Shoe Company made Red Goose shoes, and in 1922 the company added Poll Parrot,
1587:
624:
404:
990:"Furniture Brands International Announces Consolidation of Operations at Henredon, Drexel Heritage and Maitland-Smith"
483:
manufacturing in High Point to the Drexel Heritage location, closing the Henredon plant and moving some operations to
321:
By 1950, International Shoe had the capability to make 70 million pairs of shoes a year; its businesses also included
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653:
442:
308:
had to act to allow workers in Hannibal to organize. Byron Gray, an employee since 1909, became president in 1939.
270:
129:. Some of the brands it owned in the furniture industry included Broyhill, Thomasville, Drexel Heritage, Henredon,
363:
well as Central Hardware. Under Chambers, plants started closing and some shoes were imported from such places as
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375:
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and Mt. Airy. This brought the total number of N.C. jobs cut by Furniture Brands to 8726, 2740 of those in the
305:
1220:
296:
Frank Rand led International Shoe through a time of major growth and through the difficulties created by the
445:
to Interco in November 1995 in a $ 331 million deal. Interco had over $ 1 billion in revenues at the time.
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173:
designed the eight-story headquarters built in 1901 at 13th Street and Washington, which was named to the
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took over the rights to Red Goose. A former International Shoe Company warehouse in St. Louis became the
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165:
At age 16 in the 1870s, Henry W. Peters went to work for Claflin, Allen & Company, at a time when
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293:, plant, that started in 1898 with a million pairs a year by 1908, made Poll Parrot and Star shoes.
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as the result of diversification, and once the company exited the shoe business, adopted the name
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130:
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to devote significant space to Furniture Brands, contributed to the company's positive outlook.
158:"International Shoe" redirects here. For the Supreme Court ruling on personal jurisdiction, see
1457:
408:
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business, Kistler, Lesh & Co. Also that year, the company bought W.H. McElwaine Company of
965:"HDM Furniture Industries Announces Manufacturing Realignment at Henredon and Drexel Heritage"
654:"National Register of Historic Places Inventory—Nomination Form: Peters Shoe Company Building"
395:, which increased furniture and home furnishings to about one-third of Interco's total sales.
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In 2009, Thomasville, Drexel Heritage, Henredon, and Maitland-Smith made their debut at the
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138:
1162:"Furniture Brands Transitions to Operating Company Model, Moves to New World Headquarters"
717:
8:
1036:"Furniture Brands International Reaches Agreement for Sale of Hickory Business Furniture"
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1015:"Furniture Brands International Announces the Closing of Eight Broyhill and Lane Stores"
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to call for a strike. The sale, intended as a solution to this problem, resulted in a
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Chair, Pearson, Laneventure, and Maitland-Smith. In 2013, Furniture Brands filed for
106:
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514:, since 2000, during which time the company had also closed 39 of 57 U.S. plants.
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882:
Rhonda Stansberry, "St. Louis Exhibition Profiles Footwear From Heel to Toe,"
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1332:"Furniture Brands' top stakeholder to enter bid for bankrupt manufacturer"
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On July 10, 2008, Furniture Brands said it would move its headquarters to
554:
500:
432:
347:
255:
216:
189:
1497:
Craver, Richard (2014-09-11). "Ennis Paint buys old Thomasville plant".
1061:"Furniture Brands to separate Henredon and Drexel Heritage headquarters"
775:
480:
423:
416:
1406:"KPS Capital Partners Announces Formation of Heritage Home Group, LLC"
1380:"New owner replaces two more executives at former Furniture Brands"
472:
301:
239:
235:
231:
227:
1482:
Craver, Richard (2014-08-05). "Furniture Brands stock cancelled".
1199:
322:
243:
1428:"Furniture Brands winds down as new firm takes over its brands"
781:
Associated Press. "International Hat Company Sold to Interco",
495:
Furniture. And with Henredon's 15-year contract to manufacture
339:
304:
outlawed the company's strategies to prevent unionization. The
247:
208:
204:
467:
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and announced plans to sell most of its divisions. New owner
526:
feet (4,800 m) headquarters in two stories of 14-story
230:
March 16, 1921. At the time the company had 32 factories in
1147:"Furniture Brands Plans New Headquarters Near St. Louis,"
537:, where Broyhill and Lane had been exhibiting since 2005.
858:"Interco Debt Pact Includes Conversion of Bonds to Stock"
692:"Furniture Brands International, Inc. -- Company History"
350:
in 1958. That last deal led to the closing of a plant in
287:
named for Paul Parrot, who had a parrot in his shoe store
1118:"Furniture Brands closes High Point plant with 300 jobs"
1290:"Red ink is a constant at beleaguered Furniture Brands"
1235:"Furniture Brands Expands Presence at Las Vegas Market"
766:
Norine Albers, "Hannibal. More Than A Huck Finn Town,"
1568:
Companies that filed for Chapter 11 bankruptcy in 2013
1260:"FBI Consolidates Designer Brand High Point Showrooms"
824:"Furniture industry innovator Paul Hunt Broyhill dies"
250:, with about 5,000 workers and numerous operations in
219:
resulted in significant demand for military footwear.
1583:
Former components of the Dow Jones Industrial Average
262:
caused McElwaine to propose wage cuts, which caused
718:"Interco/Furniture Brands International Securities"
1311:"Furniture Brands files for Chapter 11 bankruptcy"
589:to dispose of former Furniture Brands properties.
561:On September 9, 2013, Furniture Brands filed for
503:departments in what had been separate companies.
448:
105:was a home furnishings company, headquartered in
1534:
1353:"Furniture Brands to get new name, new top exec"
1202:. Archived from the original on February 8, 2013
585:. Ira Glazer became Heritage president and CEO.
427:shoe business, selling Converse and Florsheim.
1563:Manufacturing companies disestablished in 2013
378:for $ 150 million. In 1980 Interco took over
153:
1553:Manufacturing companies established in 1911
121:. In 1966, the company changed its name to
876:
796:"Nathan Ancell; Co-Founded Furniture Firm"
346:, in 1954, and Caribe Shoe Corporation of
1573:Manufacturing companies based in Missouri
1287:
917:
851:
849:
751:, "Old products find new life in home,"
115:Roberts, Johnson & Rand Shoe Company
1548:Clothing companies established in 1911
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1481:
1377:
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1115:
899:"Thomasville sale to Interco complete"
648:
646:
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258:, while International Shoe was not. A
25:International Shoe Company (1911–1966)
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254:. The company was doing well but was
738:International Shoe Co. v. Washington
398:Also under Saligman, Interco bought
370:On April 31, 1978, Interco acquired
175:National Register of Historic Places
160:International Shoe Co. v. Washington
103:Furniture Brands International, Inc.
1578:Defunct companies based in Missouri
641:
13:
1558:2013 disestablishments in Missouri
1408:. KPS Capital Partners. 2013-11-25
705:
669:
625:American Home Furnishings Alliance
14:
1599:
443:Thomasville Furniture Industries
1543:1911 establishments in Missouri
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109:. The company began in 1911 as
1512:Craver, Richard (2015-11-30).
1378:Craver, Richard (2013-11-28).
1351:Craver, Richard (2013-11-26).
1330:Craver, Richard (2013-11-05).
1309:Craver, Richard (2013-09-09).
1288:Nicklaus, David (2013-07-19).
1116:Craver, Richard (2008-06-27).
815:
788:
760:
742:
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620:England Furniture Incorporated
609:Bailey v. Drexel Furniture Co.
449:Furniture Brands International
306:National Labor Relations Board
127:Furniture Brands International
17:Furniture Brands International
1:
856:Quint, Michael (1990-08-01).
635:
145:on November 25 of that year.
1426:Kumar, Kavita (2013-12-03).
1266:. 2009-02-09. Archived from
1017:. Prime Newswire. 2007-11-06
992:. 2005-05-23. Archived from
918:McIntosh, Jay (2001-11-04).
47:; 113 years ago
7:
1181:"Business Bulletin Board,"
1164:. GlobeNewsWire. 2008-07-10
1094:. July 2008. Archived from
946:. Business Wire. 2011-12-05
603:Columbia Manufacturing Inc.
596:
222:International Shoe Company
141:announced the formation of
10:
1604:
1066:St. Louis Business Journal
829:Greensboro News and Record
754:Milwaukee Journal Sentinel
535:Las Vegas Furniture Market
485:Mount Airy, North Carolina
477:High Point, North Carolina
439:Armstrong World Industries
357:
157:
154:International Shoe Company
148:
111:International Shoe Company
1588:International Hat Company
1264:Home Furnishings Business
1219:: CS1 maint: unfit URL (
1092:Home Furnishings Business
822:Lucas, Guy (2021-10-08).
630:International Hat Company
372:International Hat Company
84:
74:
59:
41:
31:
21:
1088:"Tilley Leaves Henredon"
969:Furniture World Magazine
268:Federal Trade Commission
1433:St. Louis Post-Dispatch
1295:St. Louis Post-Dispatch
1183:St. Louis Post-Dispatch
920:"LifeStyle breaking up"
785:, April 1, 1978, p. 1E.
783:St. Louis Post-Dispatch
550:New York Stock Exchange
342:'s largest shoe maker,
1458:Bloomberg Businessweek
409:Drexel Burnham Lambert
242:and had just bought a
1518:Winston-Salem Journal
1499:Winston-Salem Journal
1484:Winston-Salem Journal
1454:"Heritage Home Group"
1385:Winston-Salem Journal
1358:Winston-Salem Journal
1337:Winston-Salem Journal
1316:Winston-Salem Journal
1149:Winston-Salem Journal
1123:Winston-Salem Journal
840:High Point Enterprise
749:Ralph and Terry Kovel
694:. fundinguniverse.com
563:Chapter 11 bankruptcy
275:Clayton Antitrust Act
198:Vanderbilt University
180:Brothers Jackson and
135:Chapter 11 bankruptcy
79:Chapter 11 bankruptcy
888:, 2000-06-04, p. 12.
571:KPS Capital Partners
567:stalking horse offer
139:KPS Capital Partners
772:, 2012-04-06, p. 1.
757:, 2001-04-08, p. 9.
579:Heritage Home Group
575:Samson Holding Ltd.
393:Altavista, Virginia
264:United Shoe Workers
184:, and their cousin
167:St. Louis, Missouri
143:Heritage Home Group
119:Peters Shoe Company
113:with the merger of
27:Interco (1966–1996)
18:
1464:on August 26, 2014
885:Omaha World-Herald
863:The New York Times
429:Brown Shoe Company
380:Broyhill Furniture
344:Savage Shoes, Ltd.
291:Hannibal, Missouri
194:Memphis, Tennessee
16:
1196:"Shaw Park Plaza"
1130:on April 12, 2021
801:Los Angeles Times
573:. On November 4,
542:High Point Market
519:Clayton, Missouri
352:Chester, Illinois
107:Clayton, Missouri
100:
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90:Clayton, Missouri
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298:Great Depression
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523:holding company
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555:Animal Farm
508:Thomasville
501:back office
433:City Museum
348:Puerto Rico
217:World War I
190:Mississippi
1537:Categories
1523:2015-12-04
1468:2014-08-25
1439:2014-08-25
1412:2014-08-28
1391:2013-12-20
1364:2013-12-20
1274:2012-01-03
1245:2012-01-03
1206:2012-07-31
1168:2012-01-26
1134:2016-03-19
1102:2012-01-03
1073:2012-01-03
1046:2016-03-19
1021:2016-03-19
1000:2012-01-03
975:2012-01-03
950:2012-01-03
929:2011-01-03
904:2011-12-05
869:2011-12-05
835:2021-10-09
808:2011-12-05
724:2016-03-19
698:2011-12-05
662:2023-01-22
636:References
481:upholstery
424:Chapter 11
417:bankruptcy
273:under the
1040:Bloomberg
461:Haverty's
338:in 1952,
336:Florsheim
323:tanneries
316:U.S. Army
271:challenge
260:recession
256:unionized
177:in 1984.
36:Furniture
1215:cite web
597:See also
473:La-Z-Boy
407:charged
400:Converse
302:New Deal
240:Kentucky
236:Illinois
232:Missouri
228:Delaware
32:Industry
22:Formerly
1200:Emporis
358:Interco
244:tannery
149:History
131:Hickory
123:Interco
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60:Defunct
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340:Canada
289:. The
277:. The
248:Boston
238:, and
209:Europe
205:Mexico
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468:Masco
441:sold
411:with
365:Italy
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