The Treasury (retailer)
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| Discount Department Store | |
| Industry | Retail |
| Fate | Bankruptcy |
| Founded | 1962 (as The Treasury) 1981 (as Treasure Island) |
| Defunct | 2008 |
| Headquarters | Milwaukee, Wisconsin, United States |
| Products | Clothing, footwear, bedding, furniture, jewelry, beauty products, electronics and housewares. |
| Parent | J.C. Penney |
Treasure Island, formerly The Treasury, was a chain of discount stores owned by J.C. Penney. Through an acquisition of the General Merchandise Company in 1962, J.C. Penney entered the discount department store market by launching The Treasury.
The General Merchandise Company, which began as Treasure Island, was founded by David Kritzik and his two sons, Robert and Stanley, in Milwaukee, Wisconsin. The original stores were named Treasure Island, but because of trademark and copyright conflicts, some of the stores that were subsequently opened were called The Treasury. The only exceptions in this case were around Milwaukee and Appleton, Wisconsin and Atlanta, Georgia, which retained the Treasure Island name. In 1962, J.C. Penney was looking to break into the catalog business, and used their acquisition of the Treasure Island brand name to do so.
Eventually the Treasury had locations in most Southern U.S. states, California and the Milwaukee area. Some stores also sold food and fuel, like the Wal-Mart Supercenters of today. But the recessions of the 1970s and early 1980s were too much to bear for J.C. Penney, and the discount division started losing money. The Treasury stores were eventually closed in about 1981. However, the mail order business, which was the main reason for J.C. Penney's acquisition of Treasure Island, remains a thriving, multibillion-dollar endeavor.
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Wikipedia