E.J. Korvette department stores, commonly referred to
as Korvette’s, were the brainchild of a WWII veteran named Eugene Ferkauf, who
first entered the retail business back in 1948. At the time, due to various
fair trade laws, department stores were required to offer goods at the manufactured
suggested retail price.
Ferkauf decided to challenge these laws, and as a
result, was able to sell products at a significant discount. The store's name
intrigued many. Many believed it stood for Korean War veterans, but Ferkauf had
a simpler explanation: E stood for Eugene, J for his Brooklyn friend Joe
Zwillenberg, and Korvette for the World War II sub-chasing ship known as a
corvette.
Sales increased steadily into the 1950s, encouraging
the company to open a flagship 90,000 square foot store in Westbury in 1954. The
impressive department store carried everything from furniture, housewares and
clothing, to sporting goods, electronics and one of the most extensive
collections of discounted music available.
More locations followed, in places such as West
Islip, Hempstead and Lake Grove. Ferkauf sold his share in the store in 1966
for more than $20 million. By 1966, Korvette's had begun to decline and chose
to merge with Spartan Industries, a soft goods retailer. Eugene Ferkauf was
eased out of the company leadership, and Spartan managers attempted to revive
the company.
From 1971 to 1979, Korvette's was owned by Arlen
Realty and Development Corporation, a land development company that used
Korvette's 50 stores as a source of cash flow. During this period, New York
area Korvette's stores advertised heavily on local television, using game show
host Bill Cullen as a spokesman.
In 1979, Korvette's was purchased by the Agache-Willot
Group of France,[11] which initially closed Korvette's least profitable stores
and began selling off merchandise, fixtures, equipment, and real estate. In
1980, they declared bankruptcy and on December 24, 1980, they closed all[11] of
their remaining 17 stores
Sources:
“E. J. Korvette.” Wikipedia, Wikimedia
Foundation, 28 Dec. 2020, en.wikipedia.org/wiki/E._J._Korvette
Eugene Ferkauf. 7 June 2012.
obits.lehighvalleylive.com/obituaries/etpa/obituary.aspx?n=eugene-ferkauf&pid=157963616
70sKid. “Korvette's.” Long
Island 70s Kid, 27 July 2019, www.longisland70skid.com/korvettes