Wilsons Leather
Encyclopedia
Wilsons Leather was a U.S.
leather
retailer, selling products such as jackets
, belts, shoe
s, handbags, and glove
s. At its peak in 2002, the Minneapolis-based retailer had 763 stores in 46 states and Canada.
shirts and jackets, and Wilsons House of Suede, founded in the late 1940s and known for its affordable suede
and leather apparel.
Wilsons House of Suede and Leather was acquired by Melville Corporation
in 1982. After Melville purchased Bermans from W. R. Grace and Company
, it merged
the two retailers under the Wilsons Leather name in 1988. Melville added new acquisition Georgetown Leather Design to the division in 1993 and operated Wilsons Leather until 1996, when it sold Wilsons to a management-led investor group.
The newly independent Wilsons Leather filed IPO
plans in October 1996 to raise $42 million, but went public in May 1997 with a scaled-back target of $10 million. After launching an online store in 1999, Wilsons expanded into luggage
and travel items by acquiring El Portal, Bentley's Luggage and California Luggage Outlet. The 135 travel stores were closed in late 2002 after several quarters of losses.
The company refocused in 2003, reducing their product offerings and closing several dozen underperforming stores. The company scaled back its operations again in 2004, laying off
about 1,000 employees and closing nearly 100 stores. At the beginning of 2004, Wilsons operated 598 stores, down from 763 in November 2002. The company continued paring back its number of stores, to 453 by October 2004 and 428 by December 2005. More closings in 2007 brought the total number of Wilsons stores to 411 by October 2007. The closure of 160 stores was announced in February 2008 and by May 2008, the company operated 228 stores in 39 states.
In July 2008, the company sold the Wilsons brand name, online store and 116 outlet stores to G-III Apparel Group. The company formerly known as Wilsons changed its name to PreVu Inc.. PreVu was delisted by NASDAQ
on August 4, 2008, then announced it was going out of business on August 14, 2008 and would liquidate its 100 mall stores by October.
Its outlet stores remain open.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
leather
Leather
Leather is a durable and flexible material created via the tanning of putrescible animal rawhide and skin, primarily cattlehide. It can be produced through different manufacturing processes, ranging from cottage industry to heavy industry.-Forms:...
retailer, selling products such as jackets
Leather jacket
A leather jacket is a type of clothing—a jacket-length coat—usually worn on top of other apparel, and made from the tanned hide of various animals. The leather material is typically dyed black, or various shades of brown, but a wide range of colors is possible...
, belts, shoe
Shoe
A shoe is an item of footwear intended to protect and comfort the human foot while doing various activities. Shoes are also used as an item of decoration. The design of shoes has varied enormously through time and from culture to culture, with appearance originally being tied to function...
s, handbags, and glove
Glove
A glove is a garment covering the hand. Gloves have separate sheaths or openings for each finger and the thumb; if there is an opening but no covering sheath for each finger they are called "fingerless gloves". Fingerless gloves with one large opening rather than individual openings for each...
s. At its peak in 2002, the Minneapolis-based retailer had 763 stores in 46 states and Canada.
History
The company began as two separate leather apparel manufacturer-retailers: Bermans Leather, founded in 1899 and known for its fringed buckskinBuckskins
Buckskins are clothing, usually consisting of a jacket and leggings, made from buckskin, a soft sueded leather from the hide of deer or elk. Buckskins are often trimmed with a fringe — originally a functional detail, to allow the garment to dry faster when it was soaking wet because the fringe...
shirts and jackets, and Wilsons House of Suede, founded in the late 1940s and known for its affordable suede
Suede
Suede is a type of leather with a napped finish, commonly used for jackets, shoes, shirts, purses, furniture and other items. The term comes from the French "gants de Suède", which literally means "gloves of Sweden"....
and leather apparel.
Wilsons House of Suede and Leather was acquired by Melville Corporation
Melville Corporation
Melville Corporation, formerly based in Rye, New York, was a large retail holding corporation incorporated in 1922 as the Melville Shoe company by Ward Melville. It changed its name to CVS Corporation in 1996...
in 1982. After Melville purchased Bermans from W. R. Grace and Company
W. R. Grace and Company
W. R. Grace and Company is a Columbia, Maryland, United States based chemical conglomerate.The company has two main divisions, Davison Chemicals and Performance Chemicals. The Davison unit makes chemical catalysts, refining catalysts, and silica-based products that let other companies make...
, it merged
Mergers and acquisitions
Mergers and acquisitions refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling, dividing and combining of different companies and similar entities that can help an enterprise grow rapidly in its sector or location of origin, or a new field or...
the two retailers under the Wilsons Leather name in 1988. Melville added new acquisition Georgetown Leather Design to the division in 1993 and operated Wilsons Leather until 1996, when it sold Wilsons to a management-led investor group.
The newly independent Wilsons Leather filed IPO
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...
plans in October 1996 to raise $42 million, but went public in May 1997 with a scaled-back target of $10 million. After launching an online store in 1999, Wilsons expanded into luggage
Luggage
Baggage is any number of bags, cases and containers which hold a traveller's articles during transit.Luggage is more or less the same concept as "baggage", but is normally used in relation to the personal luggage of a specific person or persons Baggage is any number of bags, cases and containers...
and travel items by acquiring El Portal, Bentley's Luggage and California Luggage Outlet. The 135 travel stores were closed in late 2002 after several quarters of losses.
The company refocused in 2003, reducing their product offerings and closing several dozen underperforming stores. The company scaled back its operations again in 2004, laying off
Layoff
Layoff , also called redundancy in the UK, is the temporary suspension or permanent termination of employment of an employee or a group of employees for business reasons, such as when certain positions are no longer necessary or when a business slow-down occurs...
about 1,000 employees and closing nearly 100 stores. At the beginning of 2004, Wilsons operated 598 stores, down from 763 in November 2002. The company continued paring back its number of stores, to 453 by October 2004 and 428 by December 2005. More closings in 2007 brought the total number of Wilsons stores to 411 by October 2007. The closure of 160 stores was announced in February 2008 and by May 2008, the company operated 228 stores in 39 states.
In July 2008, the company sold the Wilsons brand name, online store and 116 outlet stores to G-III Apparel Group. The company formerly known as Wilsons changed its name to PreVu Inc.. PreVu was delisted by NASDAQ
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
on August 4, 2008, then announced it was going out of business on August 14, 2008 and would liquidate its 100 mall stores by October.
Its outlet stores remain open.