Alexander's

In 1928, George Farkas, a Brooklyn native, opened a store on Third Avenue in the Bronx with $7,500 (~${{Format price|{{Inflation|index=US-GDP|value=7500|start_year=1928}}}} in {{Inflation/year|US-GDP}}) and named it for his deceased father, Alexander. Catering to the well-to-do middle class, the store offered discounted designer clothing and high-quality private label goods. Its advertising slogan at one time was "You'll find Alexander's has what you're looking for; how lucky can you get?!"

The chain thrived even during the Great Depression, and opened a location on Fordham Road and the Grand Concourse in The Bronx in 1933. At its heyday in the 1930s, this store was known for its discount bargains and had more sales per square foot than any other store in the United States.{{cite news | url=https://www.nytimes.com/1999/07/29/business/alexander-farkas-69-ex-head-of-new-york-discount-retailer.html | title=Alexander Farkas, 69, Ex-Head of New York Discount Retailer | first=LESLIE | last=KAUFMAN | work=The New York Times | date=July 29, 1999 | url-access=limited}}

Farkas was known for being a master at selecting locations for his stores, buying the real estate instead of leasing.

In February 1959, the company opened a store in Rego Park, Queens.{{cite news | url=https://www.qchron.com/qboro/i_have_often_walked/alexander-s-opens-its-queens-store/article_01aedb4a-4a10-52c0-bac0-7bc2856ef127.html | title=Alexander's opens its Queens store | first=Ron | last=Marzlock | work=Queens Chronicle | date=September 12, 2013}}

In 1963, the company opened its flagship store on 59th street in Manhattan after it bought the land from a company controlled by Joseph P. Kennedy Sr. for what seemed like a high price of $125 (~${{Format price|{{Inflation|index=US-GDP|value=125|start_year=1963}}}} in {{Inflation/year|US-GDP}}) per square foot.{{cite news | url=https://www.nytimes.com/1964/11/12/alexanders-unveils-model-of-its-windowless-store.html | title=Alexander's Unveils Model of Its Windowless Store | work=The New York Times | date=November 12, 1964 | url-access=limited}}

In December 1968, Alexander's became a public company via an initial public offering, raising $41.17 million (~${{Format price|{{Inflation|index=US-GDP|value=41170000|start_year=1968}}}} in {{Inflation/year|US-GDP}}), in part to prevent a takeover from competitor E. J. Korvette.{{cite news | url=https://www.nytimes.com/1968/12/13/archives/alexanders-issue-sells-quickly-4117million-raised-stock-issue-sold.html | title=Alexander's Issue Sells Quickly; $41.17-Million Raised | first=ROBERT D. | last=HERSHEY JR. | work=The New York Times | date=December 13, 1968 | url-access=limited}} Founder George Farkas retired that year due to failing health and one of his sons, Alexander S. Farkas, became CEO.{{cite news | url=https://books.google.com/books?id=JOQCAAAAMBAJ&pg=PA37 | title=Farkas vs. Farkas | first=Steven | last=Levy | work=New York | date=November 22, 1986}}

In the 1970s, customers defected to larger competitors such as Macy's and Bloomingdale's, and discount stores such as Kmart.

Alexander's opened its 10th store on October 15, 1971 in the Roosevelt Field shopping mall.{{cite news |date=October 15, 1971 |title=Great Exceptions at Roosevelt Field |url=https://www.newspapers.com/article/newsday-nassau-edition-great-exception/166139118/ |url-access=registration |newspaper=Newsday |location= Hempstead, New York |pages=175}}

Upon completion of The Mall at the World Trade Center in 1974, Alexander's became its anchor store. The location occupied roughly 1/6 of the WTC's 500,000 square foot mall, the largest in New York City, and was located underneath 4 World Trade Center, immediately to the east of the south tower.{{cite news | url=https://www.nytimes.com/1992/11/05/business/company-news-alexander-s-sale-of-world-trade-center-lease.html | title=Alexander's Sale of World Trade Center Lease | work=The New York Times | date=November 5, 1992 | url-access=limited}}

In 1980, after a proxy fight, Interstate Properties, controlled by Steven Roth, took control of the company, seeking to maximize the value of its real estate.

In 1981, management attempted to expand offerings beyond leisure apparel.{{cite news | url=https://www.nytimes.com/1981/01/08/business/changes-considered-at-alexander-s-units.html | title=Changes Considered At Alexander's Units | work=The New York Times | date=January 8, 1981 | url-access=limited}}

In 1984 at the request of Interstate Properties, then holding a 13% stake, Alexander Farkas resigned as CEO and was succeeded by his brother, Robin (1933-2018).

In 1986, Donald Trump bought approximately 20% of the company.{{cite news | url=https://www.nytimes.com/1986/11/22/business/company-news-trump-to-acquire-20-of-alexander-s.html | title=Trump to Acquire 20% of Alexander's | work=The New York Times | date=November 22, 1986 | url-access=limited}}

1987 was the last year in which the company made a profit from its retail operations.

In 1988, Interstate and Trump each raised their stakes to 27% of the company, but Trump pledged his interest as collateral for a personal loan from Citibank, and in 1991 was forced to turn over his holdings to the guarantor.{{cite news | url=https://www.nytimes.com/1991/05/14/business/company-news-alexander-s-jumps-on-trump-rumor.html | title=Alexander's Jumps On Trump Rumor | work=The New York Times | date=May 14, 1991 | url-access=limited}}

In 1992, Roth and creditors forced the company into bankruptcy and the company shut all 11 stores on May 15, 1992, laying off 5,000 people.{{cite news | url=https://www.nytimes.com/1992/05/16/business/alexander-s-shuts-all-its-11-stores-plans-liquidation.html | title=Alexander's Shuts All Its 11 Stores; Plans Liquidation | work=The New York Times | date=May 16, 1992 | url-access=limited}} The bankruptcy was also triggered by a put option Gruss family held to sell its 18% interest in the partnership that owned the 59th street store to Alexander's for $35 million and the company did not have the money.{{cite news | url=https://www.washingtonpost.com/archive/business/1992/06/02/looking-closer-at-the-odd-bankruptcy-of-alexanders-inc/ab2614c3-4f55-4506-a42a-1eec2ae99c30/ | title=LOOKING CLOSER AT THE ODD BANKRUPTCY OF ALEXANDER'S INC. | newspaper=The Washington Post | date=June 2, 1992}}

In 1993, the company emerged from bankruptcy.{{Cite web |last= |first= |date=September 22, 1993 |title=COMPANY NEWS; ALEXANDER'S REORGANIZATION PLAN APPROVED |url=https://www.nytimes.com/1993/09/22/business/company-news-alexander-s-reorganization-plan-approved.html |via=NYTimes.com |agency=Bloomberg News}} The combination of an increase in value in its real estate holdings and shedding of its liabilities caused its stock to skyrocket from $8.50 per share before it declared bankruptcy to $57 per share a year later.

In 1995, Vornado Realty Trust bought the interest from Citicorp (formerly owned by Donald Trump) for $54.8 million.{{cite news | url=https://www.nytimes.com/1995/03/07/business/company-news-vornado-and-affiliate-get-control-of-alexander-s.html | title=Vornado and Affiliate Get Control of Alexander's | work=The New York Times | date=March 7, 1995 | url-access=limited}}

In November 2012, the company sold the Kings Plaza mall in Brooklyn to Macerich for $751 million and used the proceeds to pay a $122 per share dividend to stockholders.{{cite press release | url=https://www.businesswire.com/news/home/20121130005983/en/Alexander%E2%80%99s-Completes-Sale-Kings-Plaza-Mall-751 | title=Alexander's Completes Sale of Kings Plaza Mall for $751 Million and Declares Special Long-Term Capital Gain Dividend of $122.00 Per Share | publisher=Business Wire | date=November 30, 2012}}

One of the more famous things associated with Alexander’s was an abstract art mural painted on glass with enamel by Polish artist Stefan Knapp that was displayed on the outside of the Alexander’s location opposite Garden State Plaza in Paramus, New Jersey. The mural was hung on the side of the building facing New Jersey Route 4 and remained there until the building’s demolition in 1998.{{Cite web|url=https://www.nj.com/entertainment/2021/10/a-bergen-county-icon-returns-how-the-alexanders-mural-is-coming-home-after-23-years.html|title=A Bergen County icon returns. How the Alexander's mural is coming home after 23 years.|first=Amy Kuperinsky | NJ Advance Media for|last=NJ.com|date=October 11, 2021|website=nj}}

George Farkas had approached artist Salvador Dalí to paint a mural for the Paramus location and the two had agreed to terms on a contract. However, sometime after that, Farkas was traveling abroad and came across a mural painted by Knapp while walking through London’s Heathrow Airport and decided to commission him to paint a mural as well. Dalí demanded that he do the piece, which would include giraffes with drawers suspended from their necks hanging out over the street, and was willing to let Knapp paint the giraffes. Farkas responded by giving the job to Knapp in its entirety, but still paid Dalí for his input. Knapp’s theme was a map of the world painted as he viewed it during his time as a pilot in the Royal Air Force after his emancipation from a Soviet prison camp.{{cite web | url=https://www.northjersey.com/story/news/bergen/paramus/2021/09/29/alexanders-mural-return-valley-hospital-paramus-nj/5904094001/ | title=Iconic Alexander's mural returning to Paramus, with permanent home at New Valley Hospital }}

When it was completed in 1963, the 280-panel mural was the largest in the world, measuring 200 feet by 50 feet and weighing over 250 tons. Farkas was enamored with the work and hired Knapp to paint murals at Valley Stream and White Plains stores.{{cite news | url=https://www.nytimes.com/1995/04/02/nyregion/new-jersey-co-the-end-is-near-for-alexander-s-abstract-mural-on-route-4.html | title=The End Is Near for Alexander's Abstract Mural on Route 4 | first=THOMAS J. | last=LUECK | work=The New York Times | date=April 2, 1995 | url-access=limited}}{{cite news | url=http://modernmag.com/lost-and-found/ | title=Lost and Found | first=David | last=Hay | work=Modern Magazine | date=November 3, 2016}}{{cite news |url=https://www.northjersey.com/story/news/new-jersey/2017/06/07/7-things-you-might-not-know-man-behind-alexanders-mural/378345001/ |last=Brennan |first=John |title=7 things you might not know about the man behind the Alexander's mural |work=North Jersey Media Group |date=June 7, 2017}}{{Cite web|url=http://www.haninafinearts.com/artists/stefan_knapp/biography|title=Stefan Knapp - Artists - Hanina Fine Arts|website=www.haninafinearts.com}}

The store was closed in 1992 and the building sat unused. In 1996, Steven Roth, the chairman of Vornado Realty Trust, announced that the store would be redeveloped into a shopping center anchored by Ikea. Will Roseman, mayor of nearby Carlstadt, New Jersey and a director of the Bergen Museum of Art & Science contacted Roth in an attempt to save the mural. After it was appraised by Sotheby's the mural was donated to the Bergen Museum of Art & Science, which stored it in a garage in Carlstadt.

In June 2015, pieces of the mural were displayed at the Art Factory in Paterson, New Jersey. However, Roseman held back 20 sections because he was worried that the Art Factory would sell the work. The sections were laid out in rows, with some having specific themes.{{cite news | url=https://www.northjersey.com/story/opinion/editorials/2017/06/05/editorial-save-alexanders-mural-while-theres-time/371655001/ | title=Editorial: Save the 'Alexander's mural' while there's time | work=North Jersey Media Group | date=June 5, 2017}}{{cite news | url=https://www.nj.com/entertainment/2015/06/paramus_alexanders_mural_unveiled_in_paterson.html | title=Art, reanimated: Paramus Alexander's mural unveiled in Paterson | first=Amy | last=Kuperinsky | work=North Jersey Media Group | date=June 19, 2017}}

In September 2021, the directors of Valley Health System and the mayor of Paramus announced that they would be installing fifty pieces of the mural in various spots along the campus of the new Valley Hospital, which is being built in Paramus and scheduled to open in 2023.

{{Reflist}}

• [https://classicnewyorkhistory.com/history-and-tales-of-alexanders-department-stores/ Alexanders] Company History
• [https://www.nytimes.com/1980/04/06/archives/george-farkas-78-founder-of-alexanders-store-dies-store-named-for.html Obituary] Mr. George Farkas / NYT / 5 April 1980
• {{Finance links

| name = Alexander's Inc.

| google = ALX

| yahoo = ALX

| bloomberg = ALX:US

| symbol = ALX

| sec_cik = ALX

| nasdaq = ALX

}}

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Category:Companies based in Bergen County, New Jersey

Category:Companies listed on the New York Stock Exchange

Category:Defunct department stores based in New York City

Category:Real estate investment trusts of the United States

Category:Real estate companies established in 1928

Category:Financial services companies established in 1928

Category:Retail companies established in 1928

Category:Retail companies disestablished in 1992

Category:Companies that filed for Chapter 11 bankruptcy in 1992

Category:1960s initial public offerings

Category:Defunct discount stores of the United States