Ames Department Stores - #34

Founded in 1958 in Southbridge, Massachusetts, by three brothers: Milton, Irving and Herbert Gilman, Ames Department Stores initially focused on industrial sites to open its first stores.

1960s-1970s: Expansion and Growth

Ames grew rapidly, targeting rural and small-town markets across the U.S. Midwest and East Coast. The company differentiated itself through aggressive expansion and regional focus. Ames was added to the American Stock Exchange in 1967 and later the NYSE in 1972.

1980s: Acquisition Boom

Ames expanded through acquisitions, buying chains like Big N, King’s, and G.C. Murphy, positioning itself as the fourth-largest discount retailer in the U.S. by the late 1980s.

Late 1980s: Financial Troubles Begin

High debt from acquisitions, risky credit policies, and increased competition from Walmart started to strain the company’s finances.

1990: First Bankruptcy

Ames filed for Chapter 11 bankruptcy, citing over-expansion and financial strain. The company restructured and emerged from bankruptcy in 1992 after closing 370 stores.

1990s: Return to Growth

Post-bankruptcy, Ames returned to profitability, expanding into new markets including the Midwest and Chicago area. The acquisition of Hills Department Stores in 1998 made it the fourth-largest discount retailer in America.

2001 & 2002: Second Bankruptcy & Liquidation

Declining sales and mounting debt led Ames to file for bankruptcy again. Store closures began in 2001, with all Ames stores shuttered by 2002, ending over four decades of retail operations.

2022-Present: Claims of Revival

There have been sporadic claims and rumors about a potential Ames revival, with their website (amesstores.com) announcing 35 stores to return to the U.S. in 2026 and 2027. Whether this comes to fruition remains to be seen.