Legnam Corporation operated 132 general merchandise stores in 38 of the United States prior to becoming insolvent in June 1932.[1] It sold ladies' apparel.[2] Owing to the financial crisis during theGreat Depression, thechain store, formerly known as Mangel's, became unable to pay its debts. The company maintained offices at 1115Broadway and 226 Main Street inPaterson, New Jersey.[1]
The business was expanding prior to the constrictions brought on by rapiddeflation and an absence ofconsumer spending during the economic downturn.
On May 7, 1929, the Mangel Corporation declared a quarterlydividend of 1.625 per share on 6½% cumulativepreferred stock, payable on June 1, 1929.[3]
Legnam Corporation filed a petition for bankruptcy in the United StatesFederal District Court[1] on June 29, 1932.[4] The previous day the company changed its name from Mangel's to Legnam by filing acertificate of incorporation with theNew Jersey Secretary of State inTrenton, New Jersey.[2]
40°55′01″N74°10′24″W / 40.91684°N 74.17333°W /40.91684; -74.17333