Herbert Haft
| Herbert Haft | |
|---|---|
 |
|
| Born |
August 24, 1920 United States |
| Died | September 1, 2004 (aged 84) United States |
| Occupation | Businessman |
| Spouse(s) | Gloria Haft (divorced) Myrna C. Ruben |
| Children |
Robert Haft Ronald Haft Linda Haft |
Herbert H. Haft (August 24, 1920 – September 1, 2004) was a Washington, D.C. based businessman who was famous first for the development of discount stores in the drug store, bookstore, and auto part businesses, and later as a corporate raider.
Haft was born to Jewish family in Baltimore, Maryland, the son of a immigrant pharmacist from Russia. His family moved to Washington D.C. where he graduated from Central High School. He earned a B.S. in pharmacy from George Washington University.
After school, he worked as a pharmacist at a local drug store. In 1955, he and his wife, cosmetician Gloria Haft, opened the first drug discount store, Dart Drug in the Adams Morgan neighborhood in Washington, D.C. He quickly ran into problems as consumer goods wholesalers and pharmaceutical distributors refused to sell to him because his prices were lower than their other customers. Haft unsuccessfully sued until Parke-Davis - at the time one of the largest pharmaceutical companies in the U.S. - was charged by the Justice Department with price-fixing. Haft was a lead witness in the case which was eventually won by the government. The drug distributors - fearful of government action - returned to selling to Dart Drug and the business boomed.
In the late 1970s, his son Robert, a graduate of Harvard Business School, joined the firm. Applying the same principal of mass retailing, the father and son team launched Crown Books. In 1984, he sold Dart Drug - then with 75 stores - for $160 million but retained control of the holding company, Dart Group. He also founded (with family members) Trak Auto, Combined Properties, and Total Beverage, and acquired part of Shoppers Food Warehouse.
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