Rich's (discount store)


Rich's was a family-owned business that was established in 1962, grew out of Jerry's Army Navy Surplus in Salem, Massachusetts, USA. The Rich family once operated 29 stores in Maine, New Hampshire, Vermont and Massachusetts, which offered discounted merchandise.

History

Due to retail consolidation and pressure from WalMart, the chain went bankrupt on March 14, 1996. Financial records in its bankruptcy filing detailed $63.4 million in assets and $51.3 million in liabilities. Nearly 2,000 workers at the company's 26 stores in Massachusetts, Maine, New Hampshire, and Vermont lost their jobs by February 1997.