and early 1996. Subsidiaries Around 1914 the Ayres family established Murray Investments, a holding company that owned the store's real estate, which was leased back to Ayres. The subsidiary also provided for future expansions with the acquisition of additional land in Anderson, Indianapolis, South Bend, and Evansville, Indiana. Owned by the Ayres family, Murray Investments merged with L. S. Ayres Company in the late 1960s and provided the company with approximately $3.6 million in equity capital. The merger also increased Ayres family ownership of the company to 67 percent. In September 1954 Ayres opened a new wholly owned subsidiary called the Murray Showrooms, which was open only to the interior decorator trade. The Indianapolis showroom, located at 31 West Thirteenth Street, operated like the Chicago Merchandise Mart and was the only one of its kind in Indiana. In 1960, Ayres opened a second location, in the Cincinnati suburb of Kenwood, Ohio, but it underperformed and was closed in 1965. The Indianapolis store survived until the late 1970s and was liquidated in 1982 after the showroom's roof collapsed. In 1958, Ayres acquired The John Bressmer Company, located in Springfield, Illinois, and continued to operate the store under the Bressmer name. The modern, six-story downtown store was known for its quality fashions and customer service and became a training ground for Ayres managers. William P. Arnold, who joined Ayres in 1947, became Bressmer's president and moved on to become president and CEO of J. W. Robinson's and president, CEO, and board chairman of Associated Dry Goods. P. Gerald Mills, an Ayres buyer, moved to Bressmer's and later became president of Dayton's, president of the J. L. Hudson Company, and the president of the Dayton-Hudson Corporation. David P. Williams III, who also spent time at Bressmer's, became president of Associated Dry Goods. In 1972, Bressmer's was sold to Associated Dry Goods and became a branch of Stix, Baer and Fuller, an Associated Dry Goods subsidiary. In 1980, the downtown Springfield store closed after a new Stix, Baer and Fuller branch opened on the city's south side. In 1969, Ayres acquired two department store divisions from City Stores: Kaufman-Straus, based in Louisville, Kentucky, and the Wolf & Dessauer Company, with two stores in Fort Wayne, Indiana. These stores were later converted to Ayres locations. Ayr-Way Ayres developed a discount store format called Ayr-Way in 1961 and opened its first Ayr-Way store at Thirty-eighth Street