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Kroger sold the company in December 1927 for $28 million (equivalent to $491,126,437 in 2023) to a Wall Street banking syndicate headed by Lehman Brothers. He resigned as president of the Kroger Co. on January 31, 1928.
- Grocer, entrepreneur, banker, philanthropist
- Kroger
- Bernard Heinrich Kroger, January 24, 1860, Cincinnati, Ohio, U.S.
Jun 8, 2011 · With the financial panic and crash in 1929, the Kroger Company saw devastating losses, and within five years 1,223 stores were closed and planned openings were postponed or canceled. During the struggle, B.H. stepped back into the fray by purchasing enough stock in the Kroger Company to become the third largest stockholder.
- Zachary Garrison
Nov 11, 2022 · Bernard Kroger left school in 1873 after his father’s death and the closure of their family store. He wanted to help support his mother with bills and raising his siblings. Kroger got a job at a drug store but quit after his mother objected to him working on Sundays.
Mar 30, 2024 · Kroger sold his shares and retired from the business in 1928. The following year the company was operating 5,575 stores—more than ever before or since. By the 1930s, street-corner grocery stores were being replaced by supermarkets, which were larger in size but fewer in number.
CEO McMullen even took a pay cut to go with his workforce's pay raise, and in 2021, his compensation package fell by $2.6 million to $18 million. Nevertheless, according to Economic Roundtable, 14% of Kroger employees grappled with being unhoused in 2021, while more than 75% experienced food insecurity.
The Kroger Company traces its roots back to 1883, when Bernard H. Kroger began the Great Western Tea Company, one of the first chain store operations in the United States. Kroger left school to go to work at age 13 when his father lost the family dry goods store in the financial panic of 1873.
Feb 11, 2008 · The first was Bernard H. Kroger, who headed the company from its inception in 1883 until his retirement in 1928 (see story, Page 22). The top-level executives who followed...
