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Originally selling only menswear, Harold's added women's apparel in 1958. The chain issued its own credit card in 1977, became a public company in 1987, and issued its first clothing catalog in 1990. In 1999 it had 53 stores in 22 states. At its peak, Harold's employed up to 1,800 people and its annual sales exceeded $150 million. [5]
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An outlet store, factory outlet or factory store is a brick and mortar or online store where manufacturers sell their merchandise directly to the public. Products at outlet stores are usually sold at reduced prices compared to regular stores due to being overstock , closeout , returned , factory seconds , or lower-quality versions manufactured ...
In October of that year the company announced restructuring aimed at cutting $20 to $25 million in expenses. It eliminated close to 100 jobs, including its number 2 executive, Jerome Jessup. [19] Revenue dropped to $742 million and the company lost $81.8 million. The company's cash position had dropped to $21.7 million. [20]
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