Reynolds Brothers
Reynolds Brothers was a New Jersey department-store and apparel chain that grew from a single Perth Amboy store into a regional retailer before restructuring under Chapter 11 in 2004.
Last updated August 31, 2026
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Overview
Reynolds Brothers, also known as Reynolds, was a family-founded department-store and clothing retailer based in New Jersey. Its origins date to 1899, when George F. Reynolds and Walter Hansen opened a dry-goods and home-furnishings store in Asbury Park under the name Reynolds & Hansen. Reynolds later bought out Hansen and brought in his brother John as a partner. Although the partnership was subsequently dissolved, the Reynolds Bros. name was retained. The business eventually relocated to Perth Amboy, where it operated as a single-location retailer for roughly six decades. Its merchandise evolved from general dry goods and household furnishings into department-store offerings and, later, a focused assortment of men's, women's, and children's clothing and accessories. Founder George F. Reynolds promoted a customer-service philosophy summarized by the policy of “always being honest with the customer.” The Perth Amboy store received electric lighting in 1909 and underwent a major remodeling in 1930. After a January 1951 fire damaged adjoining buildings and caused extensive smoke and water damage, the store reopened. Reynolds Brothers incorporated in 1923. The company used an employee-participation arrangement in which long-serving employees could receive company shares, and some became board members. George F. Reynolds served as chairman from incorporation until his retirement at age 100 in 1965. His son, Charles H. Reynolds, joined the business in 1926 and later succeeded him. Charles's son, Charles H. Reynolds Jr., entered the company in 1954, became president in 1970, and later served as chairman. The chain began expanding beyond its historic single store in the 1960s. A Toms River branch opened in 1964, followed by a Somerville location later that year. The Perth Amboy store closed in 1966 as downtown retail conditions deteriorated. Further locations opened in Hackettstown, Woodbridge, Manahawkin, Rio Grande, Wall Township, and Franklin Park. The company increasingly favored shopping-center sites with parking and experimented with specialty-shop layouts and more contemporary store designs. A warehouse and distribution facility was developed in Toms River with assistance from a New Jersey Economic Development Authority loan. In the late 1970s, Reynolds added Rafters, an off-price women's clothing operation that sold merchandise at discounts of at least 20 percent compared with the full-price Reynolds stores. Rafters used simpler fixtures and displays, lower operating costs, and narrower margins. It became a substantial part of the wider business, with locations in New Jersey and outside Philadelphia, Pennsylvania, and later in Maryland. Some Reynolds stores were converted to Rafters locations when local competitive conditions changed. The Reynolds family sold the business in 1996 because the next generation was not interested in taking over. The purchaser was an investment group led by William Goldman, associated with Edison, New Jersey-based Excelled Sheepskin and Leather Coat Corp. At the time of the transaction, the company included eight Reynolds stores and 14 Rafters stores, with approximately 340 employees in the stores and another 60 at its headquarters and distribution center. The overall operation later peaked at about 30 stores. Sales declined substantially in the late 1990s. Reynolds Brothers sought protection under Chapter 11 of the United States Bankruptcy Code in 2004. The restructuring involved store closures, staff reductions, the elimination of company trucking operations, and the closure of the distribution warehouse. Product shipments were instead arranged directly from manufacturers to stores. The business emerged from reorganization in September 2004 with three stores and approximately 70 employees, compared with about 150 employees before the restructuring. Later operating developments are not established by the supplied reference material.
History
Reynolds Brothers began in 1899 when George F. Reynolds and Walter Hansen established Reynolds & Hansen in Asbury Park, New Jersey. The store initially sold dry goods and home furnishings. Reynolds later acquired Hansen's interest and partnered with his brother John, eventually retaining the Reynolds Bros. name after buying out that partnership as well. The business moved to Perth Amboy and remained there as a single-location retailer for many decades. It modernized over time, adding electric lighting in 1909 and receiving a major refurbishment in 1930. A 1951 fire that damaged several neighboring buildings caused serious smoke and water damage, but the store reopened. The company incorporated in 1923 and developed an unusual employee-share program for long-serving staff. George F. Reynolds remained chairman until retiring at age 100 in 1965. His son Charles H. Reynolds, who had joined the firm in 1926, succeeded him, followed by Charles H. Reynolds Jr., who joined in 1954 and became president in 1970. Under the younger Charles, the company moved into shopping-center retail. Toms River and Somerville stores opened in 1964, the Perth Amboy store closed in 1966, and later branches were added in Hackettstown, Woodbridge, Manahawkin, Rio Grande, Wall Township, and Franklin Park. The stores emphasized apparel and accessories for men, women, and children, with specialty departments and improved parking compared with traditional downtown locations. The company created Rafters in 1978 as an off-price clothing chain. Rafters sold merchandise at substantially lower prices than the full-price Reynolds stores and relied on simpler store environments and lower costs. It expanded across New Jersey and into nearby markets, eventually becoming a major component of the corporate store network. The Somerville Reynolds store was converted to the Rafters format in 1993 after facing competition from the Bridgewater Commons mall. In 1996, the Reynolds family sold the company to an investment group led by William Goldman. The transaction covered eight Reynolds stores and 14 Rafters stores. The chain continued expanding for a time and reached approximately 30 locations, but sales subsequently weakened. In 2004 it filed for Chapter 11 bankruptcy protection. The restructuring closed stores, reduced staffing, ended company-operated trucking, and replaced the distribution warehouse with direct manufacturer-to-store shipping. Reynolds Brothers emerged in September 2004 with three stores and approximately 70 employees. The supplied sources do not establish whether the remaining stores continued operating after that point.
- 2004
Chapter 11 restructuring
[1]The company reorganizes under Chapter 11 and emerges with three stores and approximately 70 employees.
- 1996
Family ownership ends
[1]An investment group led by William Goldman acquires the business.
- 1978
Rafters is established
[1]The company launches its off-price apparel format and expands its leadership team with Joseph B. Siegel as president.
- 1966
Perth Amboy location closes
[1]The historic original location shuts as downtown retail declines.
- 1964
First branch locations open
[1]Reynolds opens stores in Toms River and Somerville, ending its period as a single-location retailer.
- 1951
Perth Amboy store reopens after fire damage
[1]The store resumes operations after smoke and water damage from a fire affecting adjacent buildings.
- 1923
Company incorporated
[1]Reynolds Brothers incorporates and gives certain long-serving employees board roles and company shares.
- 1909
Electric lighting installed
[1]The retailer's store receives electric lighting during its early development.
- 1899
Reynolds & Hansen is founded
[1]George F. Reynolds and Walter Hansen open a dry-goods and home-furnishings store in Asbury Park, New Jersey.
Products and positioning
A regional New Jersey family retailer that evolved from a general dry-goods and home-furnishings store into a department and apparel chain, complemented by the lower-priced Rafters format.
Department-store apparel · 1899
Reynolds department stores
The core Reynolds format evolved from a general dry-goods and home-furnishings business into a regional apparel department store. Its later assortment centered on men's, women's, and children's clothing and accessories. Stores used department-style merchandising, specialty-shop layouts, shopping-center locations, window displays, and, in some cases, contemporary remodeling to compete with larger mall retailers.
Off-price women's clothing · 1978
Rafters
Rafters was Reynolds Brothers' off-price clothing concept, introduced in the late 1970s. It offered merchandise at discounts of at least 20 percent relative to the full-price stores. The format controlled expenses through simpler fixtures and displays and lower operating costs, allowing it to operate with a smaller margin. It expanded through New Jersey and nearby states and became a significant part of the company's retail network.
Brand decisions
2004
Bankruptcy reorganization and operating reductionStrategyBackground
Sales had fallen after the chain reached approximately 30 stores at its peak.
Action taken
The company filed for Chapter 11, closed stores, reduced staffing, ended its trucking operation, and closed its distribution warehouse in favor of direct shipments from manufacturers.
Aftermath
Reynolds Brothers emerged from reorganization in September 2004 with three stores and approximately 70 employees.
1996
Sale to an outside investment groupM&ABackground
The Reynolds family sold the business after the founder's descendants chose not to enter the family company.
Action taken
An investment group led by William Goldman acquired the retailer and its Reynolds and Rafters store network.
Aftermath
The brands continued operating independently under the new ownership, but the wider chain later experienced declining sales and financial distress.
1993
Somerville store converted to RaftersStrategyBackground
The Somerville Reynolds store faced competition from retailers at the Bridgewater Commons mall.
Action taken
The company converted the location into a larger Rafters off-price store.
Aftermath
The converted site became the 18th and largest Rafters location at that time.
1978
Launch of the Rafters off-price formatStrategyBackground
Reynolds sought a lower-cost format capable of selling apparel below the prices of its traditional stores.
Action taken
The company established Rafters, using simpler stores and displays, reduced operating costs, and a lower-margin pricing model.
Aftermath
Rafters expanded to multiple states and became a substantial part of the wider Reynolds business.
Recent events
- 2004
Reynolds Brothers files for Chapter 11 reorganization[1]
Bankruptcy
After sales declined and the chain reached approximately 30 stores at its peak, the company entered bankruptcy reorganization and reduced its store base and workforce.
- 1996
Reynolds Brothers is sold to an investment group[1]
M&A
The Reynolds family sold the business to an investment group led by William Goldman after the founder's descendants declined to continue operating it.
- 1978
Rafters off-price format is added[1]
Product launch
Reynolds introduced Rafters as a lower-priced clothing-store concept, using simpler operations and discounted merchandise.
- 1966
Reynolds Brothers closes its historic Perth Amboy store[1]
Other
The original long-running location closed as downtown Perth Amboy faced declining retail conditions, while the company's executives moved to Toms River.
- 1964
Reynolds Brothers opens its first expansion store in Toms River[1]
Other
The retailer opened a second location at the Toms River Shopping Center, beginning its transition from a single-store business to a regional chain.
Sources1 sources
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