the assets. Among the retailers controlled by McCrory's at the time were Best & Co., Lerner Shops, and S. Klein. The company continued to thrive and grow during the 1960s and '70s. McCrory Stores purchased the 439 unit J.J. Newberry Company in 1972. It operated Newberry as a separate division and continued to open stores under the Newberry banner. On January 1, 1981, McCrory purchased the S.H. Kress & Co. chain from Genesco. The 66 store chain, once a fierce rival, was a natural fit for the variety store chain. As the economic expansion of the 1980s progressed, so did the successes of McCrory. They continued to expand and remodel stores as volume and profits grew exponentially. McCrory purchased the Oklahoma-based TG&Y Discount store chain in 1985. This proved to be a difficult transition for the company as the discount chain was not a natural fit for McCrory. Many of the stores were beyond the typical 10-15K Sq. Ft. footprint that the company operated in and the merchandise mix was very different. The TG&Y stores were not profitable and drained McCrory of valuable assets. Many of the TG&Y stores were converted to the Bargain Time banner that McCrory operated and were closed as the 1980s came to an end. In 1987, McCrory Stores purchased the 76 remaining Kresge and Jupiter stores from the K Mart Corporation which had long given up on the variety stores division, reuniting the companies. All stores were converted to the McCrory banner. In 1989, McCrory Stores purchased the GC Murphy Co. from Ames Stores. The sale included the remaining GC Murphy Stores and Bargain World Stores as well. Decline In 1989, 1,300 stores were operated by the McCrory company. However, as the decade turned, its fortunes decreased, and by 1992 it filed for bankruptcy. The changing retail landscape including the migrating of shoppers from the inner cities to the influx of superstores such as Target and Wal-Mart sealed the fate of the once mighty Five And Ten. Several rounds of store closures followed, with one of the biggest coming in 1997 when McCrory's shuttered 300 of its last 460 stores. The company also converted some stores to their Dollar Zone format of dollar store, but these closed in early 2002. In December 2001, McCrory Stores announced the remaining McCrory's, TG&Y, G. C. Murphy and J.J. Newberry stores it was operating would begin liquidating and in