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Korvette store founder Eugene Ferkauf dies in NYCE.J. Korvette discount store chain founder Eugene Ferkauf dies in NYC at age 91
NEW YORK (AP) ' The founder of the no-frills retail discount chain E.J. Korvette has died in New York. Eugene Ferkauf was 91.
Ferkauf died Tuesday at his Manhattan home. His death was announced by Yeshiva University, where he was a former trustee.
Ferkauf founded Korvette in the 1950s. The store offered deep discounts of up to 40 percent on merchandise ranging from appliances to bed sheets. The chain had 45 outlets throughout the New York metropolitan area, including one on Fifth Avenue
He appeared on the cover of Time in 1962. The magazine article described as one of America's top six retailers.
Ferkauf sold his share in Korvette in 1966 for more than $20 million.
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