Bernard Gimbel

Bernard Feustman Gimbel (April 10, 1885 – September 29, 1966) was an American businessman and president of the Gimbels department store. Biography Gimbel was born to Jewish parents, Rachel (née Feustman) and Isaac Gimbel, son of Adam Gimbel, founder of the Gimbels chain of department stores. In 1907, he graduated from the University of Pennsylvania. He started as a shipping clerk for his family's company and worked his way up to vice president in 1909. In 1910, Gimbel convinced his family to open a department store in New York City at the cost of $17 million ($425 million in 2013 dollars). In 1922, he convinced his family to list Gimbels on the New York Stock Exchange although with the family maintaining a controlling interest. In 1923, Gimbels purchased a controlling interest in Saks Fifth Avenue for $8 million from Horace Saks, son of Andrew Saks, using the money from the Gimbel's stock issuance. Also in 1923, Gimbels purchased the Kaufmann & Baer store in Pittsburgh (Kaufmann & Baer was founded by the cousins of the Kaufmann's department store also in Pittsburgh). In 1924, he brought the Gimbels Thanksgiving Day Parade (which his family had sponsored in Philadelphia since 1920) to New York City. After Horace Saks died in 1926, he appointed his cousin Adam Long Gimbel (son of Charles Gimbel, the husband of Sophie Gimbel). In 1926, Gimbel took over the company after his father was partially paralyzed after being thrown from a horse. While president, he targeted his rival Macy's which was featured in the movie Miracle on 34th Street, and expanded the Saks brand nationally. In 1930, the company operated 20 stores with $123 million in sales ($1.7 billion in 2013 dollars), the largest department store chain in the world. Prior to World War II, Gimbel stocked up on consumer products he felt would be scarce if a war were to erupt, which paid off handsomely later. In 1953, Gimbel retired handing control to his son Bruce Alva Gimbel; at the time, Gimbel's had $300 million in sales.