In 1972, Ayres was acquired by Associated Dry Goods of New York City. Announced on January 26, 1972, the sale, which exchanged Ayres stock for 1.4 million common shares of Associated Dry Goods stock, was equivalent, at that time, to a purchase price of $78.5 million. In 1983, Associated Dry Goods merged Cincinnati, Ohio-based Pogue's with Ayres. Pogue's stores were renamed L. S. Ayres and Company in 1984 and received $7 million in renovations. In 1985, the Louisville, Kentucky-based Stewart Dry Goods stores were absorbed into Ayres. With strong competition from other retailers, declining profits, and a decaying downtown Louisville, the Stewart Dry Goods stores were renamed L. S. Ayres and Company in 1987 and Ayres spent $6.5 million to remodel the downtown store.