Montgomery Ward & Company, once the greatest American retailer and the pioneer of many sales practices that became widely accepted, said yesterday that it would go out of business after 128 years.
The company, owned by General Electric, said it would close its 250 stores and dismiss the 28,000 associates who run them in the coming months. It filed for Chapter 11 bankruptcy court protection yesterday for a second and final time and eliminated 450 national jobs immediately. The company is based in Chicago and now operates in 30 states. The stores closest to New York City are in Poughkeepsie and Kingston.
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