NEW YORK-Alfred Marshall, founder of the Marshalls chain of off-price department stores, has died. He was 94.
Marshall died in Boca Raton, Fla., on Dec. 28 after a short illness, according to press reports.
According to a company history on Wikipedia, Marshall founded the chain, along with Bernard Goldston and Norman Barren, in 1956. His concept was to buy out-of-season, irregular and overstocked inventory from fashionable stores and sell the merchandise at a discount.
By 1976, Marshalls numbered 36 stores in New England and California. That year, Marshall and his partners sold the chain to Melville Corp.
In 1995, The TJX Cos. acquired Marshalls and later combined it with its T.J. Maxx chain to form the company’s Marmaxx unit. Today, according to the TJX website, there are more than 1,000 Marshalls and T.J. Maxx stores nationwide.