In 1884, Arthur Brentano open the Chicago branch of his family's New York bookstore at 101 State street. By 1930, Brentano's was the largest bookstore chain in the United States with 10 locations, 5 of which were outside of New York City, plus 2 additional affiliated locations in Europe. Unfortunately, Brentano's expanded too fast just prior to the start of the Great Depression and its creditors, mostly publishers and banks, forced the company to file for bankruptcy in March 1933. The creditors preferred to see the assets of the firm sold to a group willing to maintain the company as on going business enterprise instead of liquidating the firm and glutting the bookselling market by having a large number of books being at below costs and thus destroying the bookselling market for publishers and other dealers.