Discount store older store concepts. As examples, Woolworth opened a Woolco chain (also in 1962); Montgomery Ward opened Jefferson Ward; Chicago-based Jewel launched Turn Style; and Central Indiana-based L. S. Ayres created Ayr-Way. J. C. Penney opened discount stores called Treasure Island or The Treasury, and Atlanta-based Rich's owned discount stores called Richway. During the late 1970s and the 1980s, these chains typically were either shut down or sold to a larger competitor. Kmart and Target themselves are examples of adjuncts, although their growth prompted their respective parent companies to abandon their older concepts (the S. S. Kresge five and dime store
Barker's Discount Department Stores competition, including Nichols Discount City, Bradlees, King's Department Stores and Caldor. Barker's was founded in May, 1957 by Irving Barker, in Orange, Connecticut. As one of the first hard goods discounters and with creative price and entertainment promotions, Barker's grew quickly from its $20,000 initial investment. Following the opening of a second store in Wallingford, Connecticut in September, 1960, Barker's had gross sales of $7 million. The company was acquired by Franklin Stores Corporation in 1961. Paul Panagrosso was one of the founding employees who was instrumental in designing and setting up the initial store that would then grow into