Felix Fuld

Felix Fuld (19 July 1868 – 20 January 1929) built one of America's well-known department stores – L. Bamberger & Company with his partner, Louis Bamberger. He was an early 20th century philanthropist contributing to many local, regional, and international organizations. He arrived in Newark, New Jersey in 1892 and soon thereafter established the department store with Louis Bamberger and Louis Frank. Felix Fuld married his business partner's sister, Caroline Bamberger Fuld who carried on his charitable work after his death at age 60, including the establishment of the Institute for Advanced Study.

Felix Fuld
Felix Fuld, date unknown
Born(1868-07-19)19 July 1868
Frankfurt am Main, Germany
Died20 January 1929(1929-01-20) (aged 60)
NationalityAmerican
Spouse(s)Caroline Bamberger Fuld
FamilyLouis Bamberger (brother-in-law)

Early life

Felix Fuld was born to a Jewish family in Frankfurt am Main, Germany, the son of Ludwig and Theresa Fuld who came to New York when Felix was 12. Fuld's father was a partner in the New York City banking house of Sternberger, Sinn & Fuld.[1] Sternberger, Sinn & Fuld later became Gruntal & Co. Through his father, Fuld found a job at the Chesapeake Rubber Company in Baltimore where he met Louis Bamberger.

L. Bamberger & Company

Felix Fuld joined Louis Bamberger and Bamberger's brother in-law, Louis M. Frank to launch L. Bamberger & Company in 1893,[2] a store with the tag line: One of America's Great Stores. A number of the store's policies were new to retailing such as merchandise labeled with prices, money back guarantees, and charge accounts.[3] The store was very successful, achieving sales of $1,331,000 in 1898, $2,000,000 in 1908, $6,300,000 in 1913 and to a peak of $38,000,000 in 1928, the fourth highest in national department store total sales and the country's highest in per capita sales. Radio station WOR was launched in the store with Fuld's approval in 1922. Many of Bamberger's employees went on to successful careers in other notable stores: Harry Hatry became president of Jay Thorpe, Inc. in New York; James Schoff became president of Bloomingdale's; Max Robb became president of Lit Brothers, Philadelphia; Hector Suyker became president of The Fair Store, Chicago; and Pasqualo Gueriere became president of Kresge-Newark. When Bamberger's was sold to Macy's in 1929 for an estimated $25,000,000, the partners, Fuld and Bamberger, set aside $1,000,000 to be divided among their ″co-workers″ (how they insisted employees be referred to).

Philanthropic work

With his business partner and brother-in-law, Louis Bamberger, Felix Fuld contributed to numerous Newark and New Jersey institutions. Their generosity helped launch a building drive for the Newark YM-YWHA in 1922 that led to the construction of the impressive 654 High Street building in 1924, with an auditorium named 'Fuld Hall.[4]' They were also major donors to the first hospital in Newark that freely offered a place for Jewish doctors to practice, Beth Israel Hospital. Fuld providing one third of Beth's original funding.[5]

Personal life

The three initial Bamberger's partners (Frank, Bamberger, and Fuld) lived together with Bamberger's sister Caroline (Carrie) Bamberger who was Frank's wife in a rented house in South Orange, New Jersey. They later bought a large home on Centre Street in South Orange. Louis Frank died suddenly in 1910. Carrie Bamberger Frank remained a widow for eight years until 1918 when she married Felix Fuld. The Fulds continued to live with Louis Bamberger, a bachelor, until the last survivor died in 1943. Felix Fuld succumbed to influenza and pneumonia and died on January 20, 1929, at his home in South Orange.[6] A memorial service was held in the Old First Presbyterian Church in Newark attended by many of the City's notables. He was buried at the B'nai Jeshuran Cemetery, Elizabeth, New Jersey.[6]

References
  1. Forgosh, Linda B. (2016). Louis Bamberger: Department Store Innovator and Philanthropist. Brandeis University Press / University Press of New England.
  2. Cummings, Charles. "City's Storied Retail Past Reaches Back Over a Hundred Years, 4 Novelty Stores Had Visions of the Possibilities Ahead". Knowing Newark - Newark Public Library. Star Ledger. Retrieved 5 May 2018.
  3. Liveright, Frank. One of America's Great Stores.
  4. Bodian, Nat. "The Legendary Philanthropies of Newark's Louis Bamberger". Old Newark Memories. Retrieved 5 May 2018.
  5. Weiner, Robert. "Historical society to remember glory days of Beth Israel". New Jersey News. Retrieved 5 May 2018.
  6. "Felix Fuld, Merchant and Philanthropist, Dies at Age of 61". Jewish Telegraphic Agency. 22 January 1929. Retrieved 5 May 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.