Caldor

Caldor INC.

Trading name	NYSE:CLD
Former type	discount department store
Fate	bankruptcy, liquidation
Founded	1951
Founders	Carl and Dorothy Bennett
Defunct	1999
Headquarters	Norwalk, CT
Number of locations	145-1998
Number of employees	22,000-1998
Parent	Independent-1951–1981; 1991–99 Associated Dry Goods/May Department Stores 1981–1990
Website	http://caldor.8k.com/

Caldor, Inc. was a discount department store chain founded in 1951 by husband and wife Carl and Dorothy Bennett. Referred to by many as the Bloomingdale's of discounting, Caldor grew from a second story "Walk-Up-&-Save" operation in Port Chester, NY into a regional retailing giant. Its stores were earning over $1 billion in sales by the time Mr. Bennett retired in 1985, by which time Caldor was a subsidiary of Associated Dry Goods.

Despite its successes, Caldor suffered from financial issues in its later years and the company was liquidated in early 1999.

While shopping at an E. J. Korvette store in New York City in 1951, newlyweds Carl and Dorothy Bennett had a brainstorm to open their own discount store that would be different than the average postwar discount retailer. Their vision included several factors that had served as the chain's cornerstones of continual growth and success. Chief among these factors was an emphasis on quality of merchandise over less desirable, lower cost wares at prices 10 to 40 percent below the manufactures' suggested list prices, along with department store level services such as well informed salespeople, merchandise guarantees, and a liberal refund policy.

That same year the couple used their $8,000 savings to open a 9,600 square foot store in a second floor loft in Port Chester, NY. They named it Caldor, a blending of their first names. Specializing in name-brand hard goods such as home furnishings, appliances, electronics, jewelry, and sports equipment for middle to upper income yet bargain-conscious consumers. Their slogan, “Where Shopping Is Always a Pleasure,” was more of a way of life for the Caldor team. Carl Bennett, who had been working as a wholesale liquor salesman for a Connecticut company, was born and raised in retail. His father owned a small grocery store in Greenwich, CT, where quality of merchandise, and customer appreciation were key. Bennett credits his father for teaching him the retail sensibilities that he used to guide his company throughout the years.

With business growing steadily, the original store was replaced in 1953 with an expanded location in Port Chester, NY that also provided more modern amenities. A second Caldor was added in 1958, a 70,000 square foot store in Norwalk, CT. This year also marked Caldor's introduction of apparel to its product line.