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F.W. Woolworth
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Entrepreneur
    (April 13, 1852-April 8, 1919)
    Birth name is Franklin Winfield Woolworth
    Founder of F.W. Woolworth Company - pioneering discount stores with merchandise priced at five and ten cents
    First store opened in Utica, New York (February 22, 1879)
    Incorporated in 1911 with 586 stores
    Built the 60-story Woolworth Building in New York City for $13.5 million - paid in cash (April 1913)
    Chain went out of business July 17, 1997 when company began its transition into Foot Locker, Inc.
    Quoted: 'Dreams never hurt anybody if one keeps working right behind the dreams to make as much of them become real as one can'
    Died of an infected tooth at age 66
    He was a farm boy who borrowed $300 to open a store on a hunch people would buy nickel merchandise, calling it the 'Great Five Cent Store,' but his first store failed.
    He personally bought merchandise direct from manufacturers in the U.S. and Europe, spending months away from his family.
    His granddaughter, 'poor little rich girl' Barbara Hutton, squandered away vast amounts of the family fortune.
    He died of a tooth infection because he was afraid to see the dentist.
    He worked at a dry goods store for three months without pay to prove his worth to the owners and to pick up valuable merchandising experience.
    He learned from his mistakes, expanded his line of merchandise, kept five & dime prices 'haggle free,' became a multi-millionaire and made 100 store employees millionaires as well when the company incorporated.
    Woolco remained popular in Canada and merged into Wal-Mart (1994).
    From 1913 when it opened until 1930, his Woolworth Building was the world's tallest skyscraper (792 feet).
    A year before his death one of his daughters committed suicide over a cheating husband.

Credit: Scar Tactics


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