Joe's

Infobox_Company
company_name = Joe's
company_
company_type = Private company
foundation = 1952
industry = Retail
key_people = Hal Smith, CEO
location = Wilsonville, Oregon, USA
coord|45|19|06|N|122|46|37|W|type:streetscale:US|display=title,inline
products = sporting goods, clothing, auto parts
revenue = $240 million (2006)
num_employees =
homepage = [http://www.joessports.com/ joessports.com]

Joe's, known as G.I. Joe’s prior to April 1 2007, is a privately owned American sporting goods and auto parts retail dealer based in Oregon. The Wilsonville, Oregon based company has 30 stores in Oregon, Washington and Idaho. They were the 142nd largest retailer in the United States by revenue in 2000. [ [http://www.findarticles.com/p/articles/mi_m0FNP/is_13_40/ai_76559517 Annual Retailer Ranking by Sales - 1-40 - Illustration - Statistical Data Included.] BNET. Retrieved on February 26 2008.]

History

G.I. Joe’s began in 1952 when Edward M. Orkney purchased army surplus sleeping bags and then set up a tent in Portland, Oregon to sell them to the public.cite web
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title = About G.I. Joe's
work =
publisher = G.I. Joes
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url = http://www.gijoes.com/corp/index.jsp
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accessdate = 2007-02-03 ] Orkney sold out of the sleeping bags and then started selling other army surplus merchandise in a store that then doubled in size by 1956. In 1976, Orkney died and his son, David Orkney, took over the business.cite web
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title = G.I. Joe's, Inc.
work = Encyclopedia of Company Histories
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url = http://www.answers.com/topic/g-i-joe-s-inc
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accessdate = 2007-02-07 ] A distribution center was built in 1979 in Wilsonville and expanded the facility in 1986. [http://www.bizjournals.com/portland/stories/2007/08/27/daily15.html Joe's Sports & Outdoor plans to expand distribution center.] "Portland Business Journal", August 28 2007.] In 1991 the chain expanded to the Seattle market and had increased to 14 stores with revenue of $135 million. Then the next year David Orkney stepped down as the CEO and Norm Daniels assumed the role. Daniels had begun his career with the company in 1965 as a stocker.

In 1998 the company made plans to go public. The plan was to use the cash from the sale of shares to fund an expansion program to become more of a regional chain. They even filed with the SEC in late 1998 for an IPO, but the next year the plan was withdrawn when the expected price per share was not as high as had been hoped for by the company.

By 2000, revenue had increased to $161 million from 17 stores, making them the 12th largest sporting goods retailer in the United States, and largest in the Pacific Northwest.cite web
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title = Top Sporting Goods retailers - ranked by sales in 2001 - Brief Article - Statistical Data Included
work =
publisher = DSN Retailing Today
date = June 7, 1999
url = http://www.findarticles.com/p/articles/mi_m0FNP/is_13_41/ai_88825076
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accessdate = 2007-02-07 ] On February 5, 2007, G.I. Joes was sold to Gryphon Investors in a private equity deal.

In March 2007, the company announced that it was dropping the "G. I." from its name, as the old name did not accurately reflect its product line. In particular, the chain had not sold military surplus in many years. The name change took effect on April 1 2007. [cite news
publisher = Associated Press (courtesy of KATU)
date=March 29, 2007
title=No longer a G.I. at retailer Joe's
url=http://www.katu.com/news/local/6735641.html
accessdate = 2007-03-29] Also that year, the company opened its 28th store, and first in Idaho with a store in Meridian, and announced plans to build a new distribution center. [ [http://www.bizjournals.com/portland/stories/2007/04/30/daily24.html Joe's expands to Idaho.] "Portland Business Journal", May 2 2007.] In January 2008, Hal Smith replaced Norm Daniels as the company’s CEO. [http://www.bizjournals.com/portland/stories/2008/01/14/daily3.html Joe's names new president.] "Portland Business Journal", January 14 2008.]

Operations

The company was a regular presenting sponsor of the annual C.A.R.T. race in Portland before the event ended after the 2007 race. [ [http://www.globaleventsgrouppdx.com/champ_car/index.html Champ Car Portland.] Global Events Group. Retrieved on February 26 2008.] [ [http://www.gijoes.com/corp/index.jsp?page=pressrelease&eid=5021823234 Champ Car announces G. I. Joe's to be presenting sponsor of Champ Car Grand Prix of Portland.] G.I. Joe's. Retrieved on February 26 2008.] Joe's operates 30 stores, all located in the Pacific Northwest, along with a distribution center in Wilsonville, Oregon. In addition to retail stores, Joe's operates the Joe’s Direct online subsidiary.

References

External links

* [http://www.bizjournals.com/portland/stories/2007/03/26/daily19.html G.I. Joe's retires name,] "Portland Business Journal"
* [http://www.bizjournals.com/seattle/stories/2006/09/25/story16.html Retailer G.I. Joe's marches across Washington.] "Puget Sound Business Journal"