Discount Distributors Inc history

They had no interest in running them, however, and sold out to John Pope and his two brothers in 1949.

Beginning of multi-year effort that eventually resulted in the creation of Target in 1962

Joining Target as a buyer in 1963, Lil Graham was named vice president merchandise manager, accessories, jewelry and childrens 11 years later.

Hodder joined The Dayton Company in 1966 after 10 years at IBM.

Stephen L. Pistner succeeded William A. Hodder as Target's third president; he was formerly CEO of Team Central, acquired by Dayton Hudson Corp. in 1970.

In 1971, for the first time taking on debt to make a deal, he acquired the North Carolina chain of 52 Eagle Stores, which produced about $10 million in annual revenues, a move that effectively doubled Variety's size.

Next, Pope bought 54 McCrory/United Stores in 1978, followed two years later by the acquisition of 188 Value Mart Stores, mostly located in Alabama, Louisiana, and Mississippi.

In 1981 Variety added the 145 Super Dollar Stores, which relied on advertised sales to bring in customers.

After acquiring 55 P.H. Rose's variety stores in 1984, Variety was operating close to 400 stores under the Pope's, Value Mart, Super Dollar, and P.H. Rose's names.

In 1989 Variety acquired 106 stores from Allied Department Stores/Savannah Wholesale Co. from Michigan General Corp., a company that had recently emerged from Chapter 11 bankruptcy protection.

After the last of the Rose family left in 1991, a new management team, headed by a former Target executive, was unable to turn around the chain and compete against Wal-Mart large-format stores by concentrating on cheap clothing and beauty and health supplies.

Pope made a bid for the assets in 1996, offering a $20 million loan for a 65 percent stake, a move that would have given Variety a chance to acquire the chain if it returned to bankruptcy.

Target team members started the first GLBT (Gay, Lesbian, Bisexual, Transgender) group at Target, which was formalized in 2003 and is the predecessor of today’s Pride+ Business Council.

"Heirs of N.C. Retail Chain Fortune Split by $50 Million, Politics," Associated Press , November 14, 2004.