Korvette's

 

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