Legnam Corporation was an American chain of general merchandise stores that operated 132 stores across 38 U.S. states before becoming insolvent in June 1932. The company specialized in ladies' apparel.
Company History
The business was originally known as Mangel's (or Mangel Stores Corp.). On the eve of its bankruptcy filing, the company changed its name to "Legnam" — "Mangel" spelled backward — by filing a certificate of incorporation with the New Jersey Secretary of State in Trenton on June 28, 1932. The following day, June 29, 1932, Legnam Corporation filed a petition for bankruptcy in the United States Federal District Court.
The company's collapse was precipitated by the financial crisis of the Great Depression, which brought rapid deflation and a sharp decline in consumer spending. Prior to the economic downturn, the business had been expanding. As late as May 7, 1929, the Mangel Corporation had declared a quarterly dividend of 1.625 per share on its 6½% cumulative preferred stock, payable June 1, 1929.
Offices
The company maintained offices at:
- 1115 Broadway, New York (Manhattan)
- 226 Main Street, Paterson, New Jersey
References
- "Legnam Bankruptcy Petition", Wall Street Journal, July 1, 1932, pg. 3.
- "Mangel Stores Corp.", Wall Street Journal, July 1, 1932, pg. 3.
- "Financial Notices", Wall Street Journal, May 8, 1929, pg. 20.
- "Store Chain Bankrupt", New York Times, June 30, 1932, pg. 38.
