It was on this day, July 17th, 1997, when Woolworth Corp. said it was closing its long, unprofitable F.W. Woolworth retail chain, shuttering America’s last major dime store. The closure should have come as no surprise after several years of slowing sales and several quarters of a slumping stock price. The retailer on March 19, 1997, was pulled from the Dow Jones Industrial Average. It was a slow and sad fall from grace for a retailer that started all the way back in 1879, expanded rapidly across the U.S. and the U.K. in the 1900s, went public in 1912 and joined the Dow back in 1925 at one point. It was the largest department store chain in the world. But by the 1960s, F.W. Woolworth’s quaint downtown stores had morphed from innovative to anachronistic amid the spawn of sprawling superstores such as Wal-Mart and Kmart that offered more products, cheaper prices and had lower overhead costs.
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