Rickel (known as Rickel Brothers in its early years, Rickel Supermarts in the 1960s, and Rickel Home Centers in later years) was a chain of home-improvement centers based in northern New Jersey . The company’s first store opened in 1953 and for three decades Rickel was the leading hardware, plumbing, heating and electrical retailer in its region. At its peak Rickel operated over 90 stores, but competition from Home Depot , debt problems with its former parent, and an ultimately ill-advised merger with competitor Channel Home Centers led to a 1996 bankruptcy filing and liquidation and closure starting in late 1997 and continuing through early 1998.
144-451: The origins of the company date back to 1946 when brothers Al, Mort, and Bob Rickel went into business for themselves in Newark, New Jersey . The brothers formed their own heating business, continuing a family tradition. An anecdotal story says that a few years later, the brothers purchased a warehouse full of plumbing supplies for "next to nothing". In many cases, a contractor involved in heating
288-542: A credit card . In 1978, it significantly buttressed its securities underwriting business by acquiring White Weld & Co. , a small but prestigious old-line investment bank. In the late 1990s, Maxim Shashenkov ( Russian : Максим Шашенков ), who was in charge of Alfa-Bank 's Alfa Securities Ltd, London, of the Alfa Group of companies, was formerly Vice President for Russia of the London branch of Merrill Lynch. In 1990,
432-502: A gay employee who was called a “stupid fag” by another employee. In August 2013, the company agreed to pay $ 160 million to settle a class action racism lawsuit brought by a longtime U.S. employee in 2005. At the time the lawsuit was filed, 2% of the brokers at the company were black , despite a 30-year-old consent decree it had signed with the EEOC that required the company to increase its proportion of black brokers to 6.5%, and despite
576-413: A $ 10 million (~$ 15 million in 2023) civil penalty to settle allegations of improper activities at the firm's Fort Lee, New Jersey office. Three financial advisors, and a fourth who was involved to a lesser degree, placed 12,457 trades for Millennium Partners, a client, in at least 521 mutual funds and 63 mutual fund sub-accounts of at least 40 variable annuities. Millennium made profits in over half of
720-477: A $ 5.1 billion loan. In April 2009, bond insurance company MBIA sued Merrill Lynch for fraud and five other violations. These were related to the credit default swap "insurance" contracts Merrill had bought from MBIA on four of Merrill's mortgage-based collateralized debt obligations . These were the "ML-Series" CDOs, Broderick CDO 2, Highridge ABS CDO I, Broderick CDO 3, and Newbury Street CDO. MBIA claimed, among other things, that Merrill defrauded MBIA about
864-486: A 2001 bankruptcy filing; the store was eventually completed in 2003 and opened as a Stop & Shop . The year after Rickel shut its doors for good, in a strange twist, Home Depot decided to try its own hand at a smaller, neighborhood home center concept and created Villager's Hardware, which were similar to Rickel stores in their size and setup and included some scaled back versions of Home Depot departments like its plant nursery. The first location, coincidentally, opened in
1008-562: A 70.1% premium over the September 12 closing price or a 38% premium over Merrill's book value of $ 21 (~$ 30.00 in 2023) a share, but a discount of 61% from its September 2007 price. Congressional testimony by Bank of America CEO Kenneth Lewis , as well as internal emails released by the House Oversight Committee , indicated that the merger was transacted under pressure from federal officials, who said that they would otherwise seek
1152-412: A Philadelphia-based brokerage firm in which both Merrill Lynch and E.A. Pierce held an interest. and was briefly known as Merrill Lynch, E. A. Pierce, and Cassatt. The company became the first on Wall Street to publish an annual fiscal report in 1941. In 1941, Merrill Lynch, E. A. Pierce, and Cassatt merged with Fenner & Beane, a New Orleans–based investment bank and commodities company. Throughout
1296-456: A bankruptcy filing was looming as a serious possibility. To try and stave it off, the company decided to close thirteen underperforming stores shortly after the Home Depot lawsuit was filed. This did not work, and on January 10, 1996, Rickel announced it had filed for Chapter 11 bankruptcy protection. More store closures followed, with another thirteen locations liquidated by July. Although Rickel
1440-507: A compromise bill that would have extended the status for two years. In May 2018, Governor Phil Murphy signed a law that reinstated the program in these five cities and extended the expiration date in other zones. Newark is one of nine cities in New Jersey designated as eligible for Urban Transit Hub Tax Credits by the state's Economic Development Authority . Developers who invest a minimum of $ 50 million within 0.5 miles (0.8 km) of
1584-525: A deceitful "smear campaign"; Rickel was accused of posing as a community action group that accused Home Depot of bringing an increase of car theft and violent crime everywhere they opened stores, specifically citing figures obtained from the police in Clifton, New Jersey , a neighboring municipality to Bloomfield where Home Depot first opened a store in 1992 (Rickel, at that time, was not doing business in Clifton; after
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#17329018251231728-467: A decline of nearly 40% as residents moved to surrounding suburbs. White flight from Newark to the suburbs started in the 1940s and accelerated in the 1960s, due in part to the construction of the Interstate Highway System . The 1967 riots resulted in a significant population loss of the city's middle class, many of them Jewish , which continued from the 1970s through to the 1990s. On net,
1872-533: A developer of an aeroponic technology for farming moved its headquarters from Finger Lakes to Newark. By 2016, it had built the world's largest vertical farm in a Newark warehouse. The company was recognized in 2019 by Fast Company as one of the world's most innovative companies in data science . Broadridge Financial Solutions , a public FinTech company, announced a relocation of 1,000 jobs to Newark in 2017. In 2021, WebMD , an online publisher, announced that it will relocate and create up to 700 new jobs in
2016-538: A direct competitor to Home Depot, which had now established itself as the New York area market leader in retail home improvement. Instead, Rickel decided to focus on things that made it unique compared to the larger, big-box chain. Although Rickel was one of the larger and more successful home improvement chains in the area prior to Home Depot's entry into its market, Rickel tended to operate in smaller facilities than Home Depot did even after its merger with Channel. For example,
2160-576: A division for investment and related services, including call center counsultancy. Prior to 2009, the company was publicly owned and traded on the New York Stock Exchange . Merrill Lynch & Co. agreed to be acquired by Bank of America on September 14, 2008, at the height of the 2007–2008 financial crisis , the same weekend that Lehman Brothers was allowed to fail . The acquisition was completed in January 2009 and Merrill Lynch & Co., Inc.
2304-520: A financial downturn that it stayed locked in, in various forms, for the next two decades. While Rickel was doing well, its corporate sibling Pathmark was losing business and dragging the company's finances down with it. In 1987, the Dart Group made a hostile takeover bid to acquire SGC. In a move to avoid the takeover, management took the company private by engineering a $ 2.1 billion leveraged buyout. Merrill Lynch Capital Markets Inc. received 55 percent of
2448-400: A household in 2000 was $ 26,913, and the median income for a family was $ 30,781. Males had a median income of $ 29,748 versus $ 25,734 for females. The per capita income for the city was $ 13,009. 28.4% of the population and 25.5% of families were below the poverty line. 36.6% of those under the age of 18 and 24.1% of those 65 and older were living below the poverty line. The city's unemployment rate
2592-428: A major courthouse venue including federal, state, and county facilities, it is home to more than 1,000 law firms. The city also has a significant number of college students, with nearly 50,000 attending the city's universities and medical and law schools. Its airport, maritime port, rail facilities, and highway network make Newark the busiest transshipment hub on the U.S. East Coast in terms of volume. Though Newark
2736-520: A more rapid pace, opening more stores in New Jersey and entering the New York and Pennsylvania markets for the first time. During this time a corporate headquarters was established in South Plainfield, New Jersey , which also served as Rickel's primary distribution center. The Rickel brothers sold the still-growing chain of Rickel Supermarts to Supermarkets General Corporation , the parent company of
2880-511: A more recent designation for the area that was the subject of the 1968 novel Howard Street by Nathan Heard , is still in common usage. The Central Ward extends at one point as far north as 2nd Avenue. In the 19th century, the Central Ward was inhabited by Germans and other white Catholic and Protestant groups. The German inhabitants were later replaced by Jews , who were then replaced by African Americans. The increased academic footprint in
3024-501: A neighborhood home center. Since both Rickel and Home Depot sold many of the same items, Rickel's strategy was to portray the stores as much easier to shop at than the immense Home Depot stores. The attempt did little, if anything, to either take business from Home Depot or lure customers to Rickel and in August 1997, a plan to allow the chain to remain open until at least February 1998 was rejected. Despite its best efforts, it now seemed that it
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#17329018251233168-509: A reduced 3.3125% sales tax rate (half of the 6 + 5 ⁄ 8 % rate charged statewide) at eligible merchants. Established in January 1986, the city's Urban Enterprise Zone status expires in December 2023. The UEZ program in Newark and four other original UEZ cities had been allowed to lapse as of January 1, 2017, after Governor Chris Christie , who called the program an "abject failure", vetoed
3312-562: A report to the Finance Ministry, the Merrill Lynch group said it had acquired a 7.54% stake in TMS by purchasing 3.33 million shares. Merrill Lynch purchased the stake purely for investment purposes and had no intention of acquiring control of the firm's management. In November 2007, Merrill Lynch announced it would write-down $ 8.4 billion (~$ 11.9 billion in 2023) in losses associated with
3456-473: A rotating chain of occupants that have either been seasonal stores like Spirit Halloween or other businesses that failed. Only a portion of the Wayne store still exists. The rear portion of the store was converted into a bowling alley while the remainder was demolished. Originally, a Grand Union supermarket was supposed to be constructed on the remaining property, but the company was forced to stop construction after
3600-469: A series of commercials for them. Home Depot was angered by this and, citing Vila's work for a competing business, pulled its backing from This Old House and its lumber supplier, Weyerhaeuser , followed. WGBH , the producer of This Old House , responded by firing Vila from the show and replacing him with Steve Thomas in an attempt to convince Home Depot to return, which they did.(Vila eventually launched his own television series, Home Again with Bob Vila ,
3744-594: A significant amount of their customers. In addition, the store would have easy access as it was located very near Bloomfield's border with Orange and located near public transit on nearby Watsessing Avenue (including a New Jersey Transit rail station ) and Exit 148 on the Garden State Parkway . Rickel decided to fight the proposal. Its methods, however, led to Home Depot filing a lawsuit in New Jersey court in July of that year. Home Depot alleged that Rickel had engaged in
3888-407: A strategic location for data transfer between Manhattan and the rest of the country during the dot-com boom . At the same time, the city encouraged those companies to install more than they needed. A vacant department store was converted into a telecommunication center called 165 Halsey Street . It became one of the world's largest carrier hotels . As a result, after the dot-com bust, there were
4032-526: A substantial portion of the middle class. Sunni , Shia and Ahmadiyya Muslims are the largest Islamic denominational demographic, though some Muslims in the area may be Quranists . Most Sunni mosques are members of the Islamic Society of North America . The Nation of Islam had a former mosque in Newark presided by Louis Farrakhan . A little over 1.2% practiced an eastern religion including Sikhism , Hinduism , and Buddhism . The remainder of Newark
4176-475: A surplus of dark fiber (unused fiber optic cables). Twenty years later, the city and other private companies began utilizing the dark fiber to create high performance networks within the city. Merrill Lynch Merrill Lynch, Pierce, Fenner & Smith Incorporated , doing business as Merrill , and previously branded Merrill Lynch , is an American investment management and wealth management division of Bank of America . Along with BofA Securities ,
4320-408: A train station are eligible for pro-rated tax credit . The technology industry in Newark has grown significantly after Audible , an online audiobook and podcast company, moved its headquarters to Newark in 2007. The company was later acquired by Amazon . Panasonic moved its North America headquarters to the city in 2013. Other technology-focus companies followed suit. In 2015, AeroFarms ,
4464-502: A typical Home Depot store was well over 100,000 square feet (9,300 m) in size. Rickel stores, by comparison, averaged approximately 40,000 square feet (3,700 m) with a handful of stores such as the Totowa, New Jersey store and the Wayne, New Jersey store being larger (the Wayne store was, in fact, the company's largest). Rickel decided, as they had tried once before, to use their size to their advantage and define themselves as more of
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4608-427: A whole remains ethnically diverse. The West Ward comprises the neighborhoods of Vailsburg , Ivy Hill , West Side , Fairmount and Lower Roseville . It is home to the historic Fairmount Cemetery . The West Ward, once a predominantly Irish-American, Polish, and Ukrainian neighborhood, is now home to neighborhoods composed primarily of Latinos, African Americans, and Caribbean Americans . Relative to other parts of
4752-449: Is 31.5 inches (80 cm), though variations in weather patterns may bring sparse snowfall in some years and several major nor'easters in others, with the heaviest 24-hour fall of 25.9 inches (66 cm) occurring on December 26, 1947. Spring and autumn in the area are generally unstable yet mild. The July daily mean is 78.2 °F (25.7 °C), and highs exceed 90 °F (32 °C) on an average 28.3 days per year, not factoring in
4896-780: Is a destination for shopping, dining, and nightlife. A historically immigrant-dominated section of the city, the Ironbound in recent decades has been termed "Little Portugal" and "Little Brazil" due to its heavily Portuguese and Brazilian population, Newark being home to one of the largest Portuguese speaking communities in the United States. In addition, the East Ward has become home to various Latin Americans , especially Ecuadorians, Peruvians, and Colombians, alongside Puerto Ricans, African Americans, and commuters to Manhattan . Public education in
5040-480: Is also involved in plumbing, but the Rickel brothers were not. Since they were unfamiliar with plumbing, they had no idea what the actual value of the haul was and sought help. A friend put them in touch with a plumber named Bill Ryan, who agreed to go through the items and determine how much they would sell for. Plumbing supplies were usually sold wholesale at this time, which presented a problem for Al, Mort, and Bob. With
5184-494: Is divided into five political wards , which are often used by residents to identify their place of habitation. In recent years, residents have begun to identify with specific neighborhood names instead of the larger ward appellations. Nevertheless, the wards remain relatively distinct. Industrial uses, coupled with the airport and seaport lands, are concentrated in the East and South wards, while residential neighborhoods exist primarily in
5328-795: Is dominated by the Church of God in Christ and Assemblies of God USA . 0.9% of Christians in the city and nearby suburbs identify as Anglican or Episcopalian . Most are served by the Newark Diocese of the Episcopal Church in the United States . The remainder identified with Continuing Anglican or Evangelical Episcopal bodies including the Reformed Episcopal Church and Anglican Church in North America . ACNA and REC-affiliated churches form
5472-411: Is going to change it—and thereby honor the man who has been largely responsible for making the name of a brokerage house part of an American saga," Winthrop H. Smith , who had been running the company since 1940. The merger made the company the largest securities firm in the world, with offices in more than 98 cities and membership on 28 exchanges. At the start of the firm's fiscal year on March 1, 1958,
5616-851: Is headquartered in the city. Its episcopal seat is the Cathedral Basilica of the Sacred Heart . Eastern Catholics in the area are served by the Syriac Catholic Eparchy of Our Lady of Deliverance of Newark , an eparchy of the Syriac Catholic Church , and by the Ukrainian Catholic Archeparchy of Philadelphia , Pennsylvania . Baptist churches in Newark are affiliated with the American Baptist Churches USA , Progressive National Baptist Convention ,
5760-505: Is in the South Ward, as are seventeen public schools, five daycare centers, three branch libraries, one police precinct, a mini-precinct, and three fire houses. The East Ward consists of much of Newark's Downtown commercial district, as well as the Ironbound neighborhood, where much of Newark's industry was in the 19th century. Today, the Ironbound (also known as "Down Neck" and "The Neck")
5904-465: Is not the industrial colossus of the past, the city does have a considerable amount of industry and light manufacturing. The southern portion of the Ironbound , also known as the Industrial Meadowlands, has seen many factories built since World War II , including a large Anheuser-Busch brewery that opened in 1951 and distributed 7.5 million barrels of beer in 2007. Grain comes into
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6048-529: Is one of the oldest cities in the United States. Its location at the mouth of the Passaic River , where it flows into Newark Bay , has made the city's waterfront an integral part of the Port of New York and New Jersey . Port Newark–Elizabeth is the primary container shipping terminal of the busiest seaport on the U.S. East Coast . Newark Liberty International Airport was the first municipal commercial airport in
6192-406: Is still in operation. The Clifton store, which was one of the six Staples purchases that did not become a Staples store and was subdivided after closing. One half was occupied by Dollar Express, which was eventually merged with Dollar Tree and still occupies the space today, while the other half was taken by Drug Fair , closed in 2009 after the company’s surprise bankruptcy filing, and has since had
6336-436: Is the most populous city in the U.S. state of New Jersey , the county seat of Essex County , and a principal city of the New York metropolitan area . As of the 2020 census , the city's population was 311,549. The Population Estimates Program calculated a population of 304,960 for 2023, making it the 66th-most populous municipality in the nation. Settled in 1666 by Puritans from New Haven Colony , Newark
6480-546: Is the oldest county park in the United States and is home to the nation's largest collection of cherry blossom trees, numbering over 5,000. Newark is divided into five political wards (East, West, South, North and Central). The majority of Black residents reside in the South, Central, and West Wards of the city, while the North and East Wards are mostly populated by Latinos. Ras Baraka has served as mayor of Newark since 2014. Newark
6624-656: The American Community Survey 's 2018 estimates, non-Hispanic whites made up 8.9% of the population. Black or African Americans were 47.0% of the population, Asian Americans were 2.1%, some other race 1.6%, and multiracial Americans 1.1%. Hispanics or Latinos of any race made up 39.2% of the city's population in 2018. In 2010, 35.74% of the population was white, 58.86% African American, 3.99% Native American or Alaska Native, 2.19% Asian, .01% Pacific Islander, 10.4% from other races, and 10.95% from two or more races. Hispanics or Latinos of any race made up 33.39% of
6768-792: The Diocese of the Northeast and Mid-Atlantic . 0.6% of Christians are members of the Latter Day Saint movement , followed by Lutherans (0.2%). 3.0% of the city's Christian populace were of other Christian denominations including the Eastern and Oriental Orthodox churches, Independent sacramental churches , the Jehovah's Witnesses , non-denominational Protestants , and the United Church of Christ . The largest Eastern Orthodox jurisdictions in Newark include
6912-477: The Dominican Republic . There is a significant Portuguese-speaking community concentrated in the Ironbound district. 2000 census data showed that Newark had 15,801 residents of Portuguese ancestry (5.8% of the population), while an additional 5,805 (2.1% of the total) were of Brazilian ancestry. In advance of the 2000 census , city officials made a push to encourage residents to respond and participate in
7056-582: The Greek Orthodox Archdiocese of America ( Ecumenical Patriarchate ) and the Diocese of New York and New Jersey ( Orthodox Church in America ). The largest Oriental Orthodox bodies include the Coptic Orthodox Church of Alexandria and Ethiopian Orthodox Tewahedo Church . Judaism and Islam were tied as the second-largest religious community (3.0%). Up to 1967, Jewish Americans formed
7200-652: The National Baptist Convention of America , and National Baptist Convention, USA, Inc . Following, 2.4% identified with Methodism and the United Methodist Church and African Methodist Episcopal and AME Zion churches. 1.6% of Christian Newarkers are Presbyterian and 1.3% identified as Pentecostal . The Presbyterian community is dominated by the Presbyterian Church (USA) and Presbyterian Church in America . The Pentecostal community
7344-764: The New Jersey Institute of Technology ; and Seton Hall University's law school . Newark is a home to numerous governmental offices, largely concentrated at Government Center and the Essex County Government Complex . Cultural venues include the New Jersey Performing Arts Center , Newark Symphony Hall , the Prudential Center , The Newark Museum of Art , and the New Jersey Historical Society . Branch Brook Park
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#17329018251237488-407: The New York Stock Exchange allowed member firms to become publicly-owned. It was a multinational corporation with over US$ 1.8 trillion in client assets operating in more than 40 countries around the world. In 1977, the company introduced its Cash management account (CMA), which enabled customers to transfer all their cash into a money market fund , and included check-writing capabilities and
7632-469: The United States Census Bureau , the city had a total area of 25.89 square miles (67.1 km ), including 24.14 square miles (62.5 km ) of land and 1.74 square miles (4.5 km ) of water (6.72%). It has the third-smallest land area among the 100 most populous cities in the U.S., behind neighboring Jersey City and Hialeah, Florida . The city's altitude ranges from 0 (sea level) in
7776-474: The city's neighborhoods . Poverty remains a consistent problem in Newark. As of 2010, roughly one-third of the city's population was impoverished. Portions of Newark are part of an Urban Enterprise Zone . The city was selected in 1983 as one of the initial group of 10 zones chosen to participate in the program. In addition to other benefits to encourage employment within the Zone, shoppers can take advantage of
7920-570: The subprime mortgage crisis , and terminated E. Stanley O'Neal as its chief executive. O'Neal had earlier approached Wachovia for a merger, without prior Board approval, but the talks ended after O'Neal's dismissal. Merrill Lynch named John Thain as its new CEO that month. In his first days at work in December 2007, Thain made changes in Merrill Lynch's top management, announcing that he would bring in former New York Stock Exchange (NYSE) colleagues such as Nelson Chai as CFO and Margaret D. Tutwiler as head of communications. Later that month,
8064-577: The "Gateway City". The city borders the municipalities of Belleville , Bloomfield , East Orange , Irvington , Maplewood and South Orange in Essex County; Bayonne , East Newark , Harrison , Jersey City and Kearny in Hudson County ; and Elizabeth and Hillside in Union County . Newark is the second-most racially diverse municipality in the state, behind neighboring Jersey City . It
8208-585: The 1930s, Fenner & Beane was consistently the second largest securities firm in the U.S. The combined firm, which became the clear leader in securities brokerage in the U.S., was renamed Merrill Lynch, Pierce, Fenner & Beane. In 1952, the company formed Merrill Lynch & Co. as a holding company and officially incorporated after nearly half a century as a partnership. On December 31, 1957, The New York Times referred to that name as "a sonorous bit of Americana" and said, "After sixteen years of popularizing [it], Merrill Lynch, Pierce, Fenner, and Beane
8352-454: The 19th century and early 20th century, and experienced racial tension and urban decline in the second half of the 20th century, culminating in the 1967 Newark riots , which led to an increase in white flight , with 100,000 white residents leaving the city in the 1960s, though the exodus of white residents from the city had started after World War II as housing availability was limited in the city, while white residents were able to buy homes in
8496-653: The CDOs lost value, MBIA wound up owing Merrill a large amount of money. Merrill disputed MBIA's claims. In 2009, Rabobank sued Merrill over a CDO named Norma. Rabobank later claimed that its case against Merrill was very similar to the SEC's fraud charges against Goldman Sachs and its Abacaus CDOs . Rabobank alleged that a hedge fund named Magnetar Capital had chosen assets to go into Norma, and allegedly bet against them, but that Merrill had not informed Rabobank of this fact. Instead, Rabobank alleges that Merrill told it that NIR Group
8640-644: The East Ward consists of East Side High School and six elementary schools. The ward is densely packed, with well-maintained housing and streets, primarily large apartment buildings and rowhouses . Newark lies in the transition between a humid subtropical and humid continental climate ( Köppen Cfa/Dfa ), with cold winters and hot humid summers. The January daily mean is 32.8 °F (0.4 °C), and although temperatures below 10 °F (−12 °C) are to be expected in most years, sub-0 °F (−18 °C) readings are rare; conversely, some days may warm up to 50 °F (10 °C). The average seasonal snowfall
8784-629: The East and Central wards. The boundaries of the wards are altered for various political and demographic reasons and sometimes gerrymandered . Newark's Central Ward, formerly known as the old Third Ward, contains much of the city's history including the original squares Lincoln Park , Military Park and Harriet Tubman Square . The ward contains the University Heights , The Coast , historic Grace Episcopal Church , Government Center , Springfield/Belmont and Seventh Avenue neighborhoods. Of these neighborhood designations only University Heights,
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#17329018251238928-454: The Forest Hill neighborhood. The North Ward has lost geographic area in recent times; its southern boundary is now significantly further north than the traditional boundary near Interstate 280 . The North Ward had its own Little Italy, centered on heavily Italian Seventh Avenue and the area of St. Lucy's Church ; demographics have transitioned to Latino in recent decades, though the ward as
9072-454: The NJ Turnpike. Newark had a population of 311,549 in 2020. The Population Estimates Program calculated a population of 305,344 for 2022, making Newark the 66th-most populous municipality in the nation. The city was ranked 67th in population in 2010 and 63rd in 2000. From 2000 to 2010, the increase of 3,594 inhabitants (+1.3%) from the 273,546 counted in the 2000 U.S. census marked
9216-408: The New York attorney general and other state securities regulators, Merrill Lynch agreed to increase research disclosure and work to decouple research from investment banking. Between 1999 and 2001, during the dot-com bubble , Henry Blodget , a well-known analyst at Merrill Lynch, gave assessments about stocks in private emails that conflicted with what he publicly published via Merrill. In 2003, he
9360-462: The New York/New Jersey metropolitan area. Although Rickel, Channel, Pergament, and local hardware stores all felt the effects of Home Depot's entry and quick expansion into their market area, Rickel's problems were made worse by its parent company's financial state. This helped lead to a somewhat contentious relationship between Rickel and Home Depot over the next few years. An early example of
9504-515: The North, Central, and West Wards. State law requires that wards be compact and contiguous and that the largest ward may not exceed the population of the smallest by more than 10% of the average ward size. Ward boundaries are redrawn, as needed, by a board of ward commissioners consisting of two Democrats and two Republicans appointed at the county level and the municipal clerk. Redrawing of ward lines in previous decades have shifted traditional boundaries, so that downtown currently occupies portions of
9648-489: The Pathmark supermarket chain, in 1969. After the sale SGC renamed the chain "Rickel Home Centers", which lasted until Rickel's closure. In 1973 Rickel built their South Plainfield, New Jersey executive office headquarters, which doubled as a distribution and storage center that had been expanded to nearly 800,000 square feet by 1988. In 1975, the Rickel division of SGC recorded $ 80 million (~$ 352 million in 2023) in sales and
9792-476: The Rickel locations they purchased, however, as there were objections raised by some of the tenants and landlords involving six of the forty-one purchases. The company's distribution center, meanwhile, was retaken by Pathmark. As far as the other stores mentioned in this portion of the article are concerned, the Totowa store was repurposed as a clothing retailer, first being occupied by Filene's Basement 's Aisle 3 concept and later by Forman Mills , which as of 2022
9936-508: The United States and has become one of the busiest. Several companies are headquartered in Newark, including Prudential , PSEG , Panasonic Corporation of North America , Audible.com , IDT Corporation , Manischewitz , and AeroFarms . Higher education institutions in the city include the Newark campus of Rutgers University , which includes law and medical schools and the Rutgers Institute of Jazz Studies ; University Hospital ;
10080-462: The University Heights neighborhood has produced gentrification , with landmark buildings undergoing renovation. Located in the Central Ward is the nation's largest health sciences university, UMDNJ-New Jersey Medical School . It is also home to three other universities – New Jersey Institute of Technology (NJIT), Rutgers University – Newark , and Essex County College . The Central Ward forms
10224-538: The banks and securities firms that allegedly helped Enron execute its accounting scandals . The case revolved around a 1999 transaction involving Merrill, Enron and the sale of some electricity-producing barges off the coast of Nigeria. The charges alleged that the 1999 sale of an interest in Nigerian power barge by an Enron entity to Merrill Lynch was a sham that allowed Enron to illegally book about $ 12 million (~$ 20.6 million in 2023) in pretax profit, when in fact there
10368-427: The case after the reversal of the verdict. Merrill reached its own settlement, firing bankers and agreeing to the outside oversight of its structured-finance transactions. It also settled civil fraud charges brought by the U.S. Securities and Exchange Commission, without admitting or denying fault. On June 26, 2007, the U.S. Equal Employment Opportunity Commission (EEOC) brought suit against Merrill Lynch, alleging
10512-643: The chain was to begin liquidating. Most of the Rickels were closed by Thanksgiving 1997, with several more lasting until December as they received more merchandise from already shuttered stores. The last Rickel to close was its largest, with the Wayne store closing in early 1998. Rickel still held leases on the 53 stores they were operating at the beginning of 1997, and office supply chain Staples picked up 41 of those leases, including Rickel's Bloomfield store that they had been sued trying to protect. Staples did not reopen all of
10656-462: The city is thought to derive from Newark-on-Trent , England, because of the influence of the original pastor, Abraham Pierson , who came from Yorkshire but may have ministered in Newark, Nottinghamshire . But Pierson is also supposed to have said that the community reflecting the new task at hand should be named "New Ark" for "New Ark of the Covenant" and some of the colonists saw it as "New-Work",
10800-655: The city lost about 130,000 residents between 1960 and 1990. At the 2010 census, there were 91,414 households, and 62,239 families in Newark. There were 108,907 housing units at an average density of 4,552.5 per square mile (1,757.7/km ). In 2000, there were 273,546 people, 91,382 households, and 61,956 families residing in the city. The population density was 11,495.0 inhabitants per square mile (4,438.2/km ). There were 100,141 housing units at an average density of 4,208.1 per square mile (1,624.6//km ). The U.S. Census Bureau's 2006–2010 American Community Survey showed that (in 2010 inflation-adjusted dollars) median household income
10944-556: The city, the West Ward has for many decades struggled with elevated rates of crime, particularly violent crime. The South Ward comprises the Weequahic , Clinton Hill , Dayton , and South Broad Valley neighborhoods. The South Ward, once home to residents of predominantly Jewish descent, now has ethnic neighborhoods made up primarily of African Americans and Hispanics . The city's second-largest hospital, Newark Beth Israel Medical Center ,
11088-558: The city, while Prudential still has its home office in Newark. Many other companies are headquartered in the city, including IDT Corporation , NJ Transit , Public Service Enterprise Group (PSEG), Manischewitz , Horizon Blue Cross and Blue Shield of New Jersey , and Edison Properties . After the election of Cory Booker as mayor, millions of dollars of public-private partnership investment were made in Downtown development, but persistent underemployment continue to characterize many of
11232-456: The city. In 2018, Newark was selected as one of 20 finalists for the location of Amazon HQ2 , a new headquarters of Amazon. The advantages of Newark included proximity to New York City , lower land costs, tech labor force and higher education institutions, a major airport, and fiber optic networks. The extensive fiber optic networks in Newark started in the 1990s when telecommunication companies installed fiber optic network to put Newark as
11376-513: The company announced the sale of select hedge funds and securities in an effort to reduce their exposure to mortgage-related investments. Temasek Holdings agreed to purchase the funds and increase its investment in the company by $ 3.4 billion. Then- New York Attorney General Andrew Cuomo threatened to sue Merrill Lynch in August 2008 over its misrepresentation of the risk on mortgage-backed securities. A week earlier, Merrill Lynch had offered to buy back $ 12 billion in auction-rate debt and said it
11520-404: The company into markets it had not served before; to reflect their new direction, Rickel briefly rebranded itself as "The New Rickel" and adopted the slogan “Bringing it all closer to home". However, all the news was not positive. Despite the addition of so many new stores to its fold, the sales they generated were not enough to fully pull Rickel out of the tailspin it had found itself in; in fact,
11664-517: The company sold its Canadian private client operations to CIBC Wood Gundy . In June 1998, Merrill Lynch re-entered the Canadian investment business with its purchase of Midland Walwyn Inc . At the time, Canada was the seventh-largest market for personal investment. In December 2001, Merrill Lynch sold Midland Walwyn to CIBC Wood Gundy. In 2003, Merrill Lynch became the second-largest shareholder of Japanese animation studio TMS Entertainment . In
11808-578: The company to pay Fariborz Zojaji, a former Iranian employee, $ 1.6 million (~$ 2.27 million in 2023) for being fired due to his Persian ethnicity. Merrill Lynch was criticized by both the National Iranian American Council , and the American-Arab Anti-Discrimination Committee . On August 13, 2008, a New Jersey appeals court rendered a ruling against Merrill Lynch in a lawsuit filed by Darren Kwiatkowski,
11952-468: The consequences of the rivalry between Rickel and Home Depot can be seen in an incident surrounding PBS ' long running home improvement series This Old House . For many years, Home Depot has been one of the largest sources of financial support for the noncommercial program. In 1989, however, this relationship nearly came to an end. This Old House host Bob Vila , who had been with the show since its 1979 debut, signed an endorsement deal with Rickel and did
12096-403: The county to file for bankruptcy in December 1994. The county sued a dozen or more securities companies, advisors and accountants, but Merrill settled without admitting liability, paying $ 400 million of a total $ 600 million recovered by the county. In 2002, Merrill Lynch agreed to pay out $ 100 million (~$ 162 million in 2023) for publishing misleading research. As part of the agreement with
12240-418: The east to approximately 230 feet (70 m) above sea level in the western section of the city for an average elevation of 115 feet (35 m). Newark is essentially a large basin sloping towards the Passaic River , with a few valleys formed by meandering streams. Historically, Newark's high places have been its wealthier neighborhoods. In the 19th century and early 20th century, the wealthy congregated on
12384-542: The enumeration, citing calculations by city officials that as many as 30,000 people were not reflected in estimates by the Census Bureau , which resulted in the loss of government aid and political representation. It is believed that heavily immigrant areas of Newark were significantly undercounted in the 2010 census, especially in the East Ward. Many households refused to participate in the census, with immigrants often reluctant to submit census forms because they believed that
12528-511: The facility by rail. The service industry is also growing rapidly, replacing those in the manufacturing industry, which was once Newark's primary economy. In addition, transportation has become a large business in Newark, accounting for more than 17,000 jobs in 2011. Newark is the third-largest insurance center in the United States, behind New York City and Hartford, Connecticut . Prudential Financial , Mutual Benefit Life , Fireman's Insurance , and American Insurance Company all originated in
12672-410: The fact that in 25 states, the company did not have a single black broker. The funds were available to all black brokers and trainees at the firm since May 2001, estimated to be 700–1,200 people. During the case, Merrill's black CEO, Stanley O'Neal , said that black brokers may have a harder time getting business for the company since most of its clients were white . In March 2005, Merrill Lynch paid
12816-404: The firm a strong presence in the government securities market. The Government Securities business brought Merrill Lynch the needed leverage to establish many of the unique money market products and government bond mutual fund products, responsible for much of the firm's growth in the 1970s and 1980s. In June 1971, the company became a public company via an initial public offering , a year after
12960-605: The firm announced it would sell its commercial finance business to General Electric , and would sell shares of its stock to Temasek Holdings , a Singapore government investment group, in an effort to raise capital. The deal raised more than $ 6 billion. In July 2008, Thain announced $ 4.9 billion fourth-quarter losses for the company from defaults and bad investments in the ongoing mortgage crisis. In one year between July 2007 and July 2008, Merrill Lynch lost $ 19.2 billion, or $ 52 million daily. The company's stock price had also declined significantly during that time. Two weeks later,
13104-453: The firm discriminated against Dr. Majid Borumand because of his Iranian nationality and Islamic religion, with "reckless disregard" for his protected civil rights. The EEOC lawsuit maintained that violations by the company were intentional and committed with malice . In another case concerning mistreatment of another Iranian employee by Merrill Lynch, on July 20, 2007, a National Association of Securities Dealers arbitration panel ordered
13248-407: The firm through a major restructuring, spinning-off the company's retail brokerage business to E. A. Pierce & Co. to focus on investment banking. Along with the business, Merrill also transferred the bulk of its employees, including Edmund C. Lynch and Winthrop H. Smith . Charles Merrill received a minority interest in E.A. Pierce in the transaction. Throughout the 1930s, E.A. Pierce remained
13392-495: The firm's name became "Merrill Lynch, Pierce, Fenner & Smith" and the company became a member of the New York Stock Exchange . In 1964, Merrill Lynch acquired C. J. Devine & Co., the leading dealer in U.S. Government Securities. The merger came together due to the death of Christopher J. Devine in May 1963. The C. J. Devine & Co. partners, referred to as "The Devine Boys", formed Merrill Lynch Government Securities Inc., giving
13536-495: The firm's name included a comma between Merrill and Lynch , which was dropped in 1938. In 1916, Winthrop H. Smith joined the firm. In 1921, the company purchased Pathé Exchange , which later became RKO Pictures . In 1926, the firm acquired a controlling interest in Safeway Inc. , transforming the small grocery store into the country's third-largest grocery store chain by the early 1930s. In 1930, Charles E. Merrill led
13680-500: The firm, beginning in October 2008 and expanding in January 2009. On September 5, 2008 Goldman Sachs downgraded Merrill Lynch's stock to "conviction sell" and warned of further losses at the company. Bloomberg reported in September 2008 that Merrill Lynch had lost $ 51.8 billion (~$ 72 billion in 2023) on mortgage-backed securities as part of the subprime mortgage crisis. Merrill Lynch, like many other banks, became heavily involved in
13824-524: The following year and hosted it for sixteen seasons. His relationship with Rickel did not last long, as he became a spokesman Craftsman Tools and Sears shortly after leaving This Old House .) Combined with Home Depot's expansion and its parent company's debt problems, not only did Rickel find itself unable to compete with the rapidly growing Home Depot, but it also began to lose market share to its local competitors who were on more secure financial footing. By Fall 1993, it became apparent that Rickel's future
13968-403: The form of collateralized debt obligations . Trading partners' loss of confidence in Merrill Lynch's solvency and ability to refinance money market obligations ultimately led to its sale. During the week of September 8, 2008, Lehman Brothers came under severe liquidity pressures, with its survival in question. If Lehman Brothers failed, investors were afraid that the contagion could spread to
14112-612: The former East Brunswick, New Jersey store Rickel occupied for thirty-plus years. Home Depot would open several more Villager's stores in the next year, but the company decided to discontinue the brand shortly thereafter and convert the stores to smaller Home Depot locations. All three Rickel brothers have since died. Mort Rickel passed away at 61 in 1980; his two brothers would reach 90 before following him in death. Al Rickel passed away in 2008, and Bob Rickel passed away in 2014. Newark, New Jersey Newark ( / ˈ nj uː ər k / NEW -ərk , locally: [nʊɹk] )
14256-610: The funds and fund sub-accounts. In those funds where Millennium made profits, its gains totalled about $ 60 million. Merrill Lynch failed to reasonably supervise these financial advisers, whose market timing siphoned short-term profits out of mutual funds and harmed long-term investors. In 2008, Merrill Lynch arranged for payment $ 3.6 billion in bonuses, one-third of the money received from the Troubled Asset Relief Program , for performance that year in what appeared to be "special timing," despite reported losses of $ 27 billion
14400-536: The growth of the port lands. Newark is surrounded by residential suburbs to the west (on the slope of the Watchung Mountains ), the Passaic River and Newark Bay to the east, dense urban areas to the south and southwest, and middle-class residential suburbs and industrial areas to the north. The city is the largest in New Jersey's Gateway Region , which is said to have received its name from Newark's nickname as
14544-695: The information could be used to justify their deportation. At one time, there was an Italian American community in the Seventh Avenue neighborhood. Roughly 60% of Newarkers identified with a religion as of 2020. The largest Christian group in Newark is the Catholic Church (34.3%), followed by Baptists (5.2%). The city's Catholic population are divided into Latin and Eastern Catholics . The Latin Church-based Archdiocese of Newark , serving Bergen , Essex , Hudson and Union counties,
14688-620: The investment banking arm, both firms engage in prime brokerage and broker-dealer activities. The firm is headquartered in New York City , and once occupied the entire 34 stories of 250 Vesey Street , part of the Brookfield Place complex in Manhattan . Merrill employs over 14,000 financial advisors and manages $ 2.8 trillion in client assets ($ 3.4 trillion for Global Wealth and Investment Management). The company also operates Merrill Edge ,
14832-439: The largest brokerage in the U.S. The firm, led by Edward A. Pierce , Edmund Lynch and Winthrop Smith proved to be one of the most innovative in the industry, introducing IBM machines into the business's record keeping. Additionally, by 1938, E.A. Pierce controlled the largest wire network with a private network of over 23,000 miles of telegraph wires. These wires were typically used for orders . Despite its strong position in
14976-444: The largest subprime lenders in the country, in December 2006. Between 2006 and 2007, Merrill was "lead underwriter" on 136 CDOs worth $ 93 billion. By the end of 2007, the value of these CDOs was collapsing, but Merrill had held onto portions of them, creating billions of dollars in losses for the company. In mid-2008, Merrill sold a group of CDOs that had once been valued at $ 30.6 billion to Lone Star Funds for $ 1.7 billion in cash and
15120-405: The market, E.A. Pierce was struggling financially in the 1930s and was thinly capitalized. Following the death of Edmund C. Lynch in 1938, Winthrop Smith began discussions with Charles E. Merrill , who owned a minority interest in E.A. Pierce about a possible merger of the two firms. On April 1, 1940, Merrill Lynch, merged with Edward A. Pierce 's E. A. Pierce & Co. and Cassatt & Co. ,
15264-405: The massive amount of supplies they had, it was likely going to take a significant amount of time for them to sell them off to local plumbers. They came up with an idea that, at the time, had been unheard of. The idea was to start a business selling the supplies to the general public at retail cost, with Ryan as their salesman. In that role, the brothers felt that he could not only sell the supplies to
15408-441: The merger with Channel in 1994, Rickel took over the lone Channel Home Center in the city). If things were not bad enough, by the end of 1995 Rickel discovered that their financial situation was significantly more unstable than they had realized. The new sales figures from its fifty-nine new stores had not done enough to correct the damage that the years of financial trouble that its former parent Pathmark had left on Rickel, and thus
15552-554: The mortgage-based collateralized debt obligation (CDO) market in the early 2000s. According to an article in Credit magazine, Merrill's rise to be the leader of the CDO market began in 2003 when Christopher Ricciardi brought his CDO team from Credit Suisse First Boston to Merrill. To provide a ready supply of mortgages for the CDOs, Merrill purchased First Franklin Financial Corp. , one of
15696-498: The newly formed BofA Securities . On June 21, 2010, the company launched Merrill Edge , an electronic trading platform . In February 2019, Bank of America announced the division was to be rebranded from "Merrill Lynch" to "Merrill". In 1998, Merrill Lynch paid Orange County, California $ 400 million (~$ 698 million in 2023) to settle accusations that it sold inappropriate and risky investments to former county treasurer Robert Citron . Citron lost $ 1.69 billion, which forced
15840-524: The often higher heat index . Precipitation is evenly distributed throughout the year with the summer months being the wettest and fall months being the driest. The city receives precipitation ranging from 2.9 to 4.6 inches (74 to 117 mm) per month, usually falling on 8 to 12 days per month. Extreme temperatures have ranged from −14 °F (−26 °C) on February 9, 1934, to 108 °F (42 °C) on July 22, 2011. The January freezing isotherm that separates Newark into Dfa and Cfa zones approximates
15984-409: The other surviving investment banks. On Sunday, September 14, 2008, Bank of America announced it was in talks to purchase Merrill Lynch for $ 38.25 billion (~$ 53.2 billion in 2023) in stock. Later that day, Merrill Lynch was sold to Bank of America for 0.8595 shares of Bank of America common stock for each Merrill Lynch common share, or about US$ 50 billion or $ 29 per share. This price represented
16128-455: The people but pass along his plumbing knowledge to advise customers on how to fix their own toilets, sinks, drains, etc., and making sure they had the correct parts to perform the repair. So, in 1953 Al, Mort, and Bob opened up the first Rickel Brothers store in Union, New Jersey , and Ryan was warmly referred to as "employee number one" for his entire 35-year stint with the Rickel store chain. Rickel
16272-538: The population at the 2010 U.S. census. The racial makeup of the city in 2000 was 53.46% (146,250) black or African American, 26.52% (72,537) white, 1.19% (3,263) Asian, 0.37% (1,005) Native American, 0.05% (135) Pacific Islander, 14.05% (38,430) from other races, and 4.36% (11,926) from two or more races. 29.47% (80,622) of the population were Hispanic or Latino of any race. 49.2% of the city's 80,622 residents who identified themselves as Hispanic or Latino were from Puerto Rico , while 9.4% were from Ecuador and 7.8% from
16416-663: The present-day heart of Newark, and includes 26 public schools, two police precincts, including headquarters, four firehouses, and one branch library. The North Ward is surrounded by Branch Brook Park . Its neighborhoods include Broadway , Mount Pleasant , Upper Roseville and the affluent Forest Hill section. Forest Hill contains the Forest Hill Historic District, which is registered on state and national historic registers, and contains many older mansions and colonial homes . A row of residential towers with security guards and secure parking line Mt. Prospect Avenue in
16560-447: The quality of these CDOs, and that it was using the complicated nature of these particular CDOs (CDOs squared and cubed) to hide the problems it knew about in the securities that the CDOs were based on. However, in 2010 Justice Bernard Fried disallowed all but one of the charges: the claim by MBIA that Merrill had committed breach of contract by promising the CDOs were worthy of an AAA rating when, it alleges, in reality, they weren't. When
16704-513: The replacement of Bank of America's management as a condition of any government assistance. In March 2009, it was reported that in 2008, Merrill Lynch received billions of dollars from its insurance arrangements with AIG , including $ 6.8 billion from funds provided by the United States government to bail out AIG. After merging Merrill Lynch into its businesses, Bank of America continued to operate Merrill Lynch for its wealth management services and integrated Merrill Lynch's investment bank into
16848-511: The ridges of Forest Hill, High Street, and Weequahic. Until the 20th century, the marshes on Newark Bay were difficult to develop, as the marshes were essentially wilderness, with a few dumps, warehouses, and cemeteries on their edges. During the 20th century, the Port Authority of New York and New Jersey was able to reclaim 68 acres (28 ha) of the marshland for the further expansion of Newark Liberty International Airport , as well as
16992-659: The same year. In 2010, a Merrill Lynch trader in London who mismarked positions he had on behalf of the bank by $ 100 million (~$ 136 million in 2023) to cover up his losses was banned by the United Kingdom's Financial Services Authority (FSA) from working in the securities industry in the UK for at least five years. On 19 June 2018, the U.S. Securities and Exchange Commission (SEC) charged Merrill Lynch of misleading brokerage customers about trading venues between 2008 and 2013. Merrill Lynch admitted wrongdoing and agreed to pay
17136-422: The second census in 70 years in which the city's population had grown from the previous enumeration. This trend continued in 2020, where Newark had an increase of 34,409 (12.4%) from the 277,140 counted in the 2010 census , the largest percentage increase in 100 years. After reaching a peak of 442,337 residents counted in the 1930 census , and a post-war population of 438,776 in 1950, the city's population saw
17280-460: The securities they underwrote. It was once known as the "Catholic" firm of Wall Street and most of its executives were Irish Catholics . The company was founded on January 6, 1914, when Charles E. Merrill opened Charles E. Merrill & Co. for business at 7 Wall Street in New York City . A few months later, Merrill's friend, Edmund C. Lynch , joined him, and in 1915 the name was officially changed to Merrill, Lynch & Co. At that time,
17424-511: The settlers' new work with God. Whatever the origins, the name was shortened to Newark, although references to the name "New Ark" are found in preserved letters written by historical figures such as David A. Ogden in his claim for compensation, and James McHenry , as late as 1787. During the American Revolutionary War , British troops made several raids into the town. The city saw tremendous industrial and population growth during
17568-569: The shares, Equitable Life Assurance received 30 percent and SGC management retained ten percent. The company's debt grew to $ 1.6 billion (~$ 3.3 billion in 2023) by early 1990, half of it in junk bonds, primarily as a result of the buyout. Servicing the debt became SGC's primary objective and largest problem. Around the time of Supermarkets General's cash flow problems, the Atlanta, Georgia -based home improvement chain Home Depot began to open stores in
17712-636: The store came to be known locally) to develop a loyal customer base. The Rickels began expanding quickly after their first store became a success and by the early 1960s were operating three locations, all in New Jersey: Succasunna , Paramus , East Brunswick , and a new location in Union. By 1967 the "Rickel Supermarts" chain (as the stores were now known) had six stores, all in New Jersey, opening in Menlo Park and Wayne . The Rickels then began expanding at
17856-526: The sudden massive expansion proved to be another burden on the company's finances. Also, the battle with Home Depot for market share was continuing to be an uphill one for Rickel, and the chain would soon find itself in significant legal trouble. By 1995, Home Depot was establishing itself as New Jersey's home improvement leader and building stores almost anywhere demand existed, putting significant strain on Rickel and its competitors that had long been established before Home Depot's encroachment. One of these areas
18000-498: The summer of 1994, they found a solution. On August 26, 1995, a move by venture capital firm Eos Partners, L.P. resulted in a merger with one of Rickel's competitors. That day, Eos made separate deals with Pathmark and GE Capital to acquire both Rickel and Channel Home Centers and announced that the two chains would be merging into one with the Rickel brand continuing forward. This resulted in Rickel expanding from 33 stores to 92, its largest wave of expansion in its history, and brought
18144-468: The township's borders with all three municipalities are very close to Bloomfield Center. However, like many of its fellow outlets the Bloomfield Rickel was a much smaller sized business than the massive Home Depot stores being built in and around New Jersey were. Rickel certainly was not in a good position as even though their store was in a centralized location, the Home Depot store would siphon away
18288-409: The western suburbs of Essex County, where the population grew rapidly. The city has experienced revitalization since the 1990s, with major office, arts and sports projects representing $ 2 billion in investment. The city's population, which had dropped by more than a third from 1950 to its post-war low in 2000, has since rebounded, with 38,000 new residents added from 2000 to 2020. According to
18432-402: Was spiritual but not religious , agnostic , deistic , or atheist , though some Newarkers identified with neo-pagan religions including Wicca and other smaller new religious movements . More than 100,000 people commute to Newark each workday, making it the state's largest employment center with many white-collar jobs in insurance, finance, import-export, healthcare , and government. As
18576-436: Was $ 35,659 (with a margin of error of +/- $ 1,009) and the median family income was $ 41,684 (+/- $ 1,116). Males had a median income of $ 34,350 (+/- $ 1,015) versus $ 32,865 (+/- $ 973) for females. The per capita income for the township was $ 17,367 (+/- $ 364). About 22% of families and 25% of the population were below the poverty line , including 34.9% of those under age 18 and 22.4% of those age 65 or over. The median income for
18720-427: Was 8.5%. From the 1950s to 1967, Newark's non-Hispanic white population shrank from 363,000 to 158,000; its black population grew from 70,000 to 220,000. The percentage of non-Hispanic whites declined from 82.8% in 1950 to 11.6% by 2010. The percentage of Latinos and Hispanics in Newark grew between 1980 and 2010, from 18.6% to 33.8% while that of Blacks and African Americans decreased from 58.2% to 52.4%. At
18864-854: Was a large vacant parcel of land on Orange Street in Bloomfield, New Jersey . Home Depot submitted a proposal to take over the land and build a massive store on it. The Orange Street location was less than one mile from the Bloomfield Center strip mall where Rickel, at the time, was its longstanding anchor store. The center is located along Bloomfield Avenue, which is one of the most heavily traveled roads in New Jersey running from US 46 in West Caldwell to downtown Newark near Broad Street Station . Its location along Bloomfield Avenue enables it to draw not only from Bloomfield residents, but also shoppers from neighboring Belleville , East Orange , and Newark as
19008-561: Was beginning to look grim. Supermarkets General was still in serious financial trouble as Pathmark's sales continued to slide, and the company chose to keep its focus on trying to bring its primary brand out of decline. As a consequence of this, Rickel was unable to receive the funding it needed to properly compete with the juggernaut that Home Depot was becoming. In 1994, Supermarkets General reorganized. The company changed its name to Pathmark Stores, Inc. and began looking for ways to divest itself of its varied retail properties including Rickel. In
19152-473: Was charged with civil securities fraud by the U.S. Securities and Exchange Commission . He settled without admitting or denying the allegations and was subsequently barred from the securities industry for life. He paid a $ 2 million fine and $ 2 million disgorgement. In 2004, convictions of Merrill executives marked the only instance in the Enron investigation where the government criminally charged any officials from
19296-564: Was incorporated on February 21, 1798, by the New Jersey Legislature 's Township Act of 1798 , as one of New Jersey's initial group of 104 townships. During its time as a township, portions were taken to form Springfield Township (April 14, 1794), Caldwell Township (February 16, 1798; now known as Fairfield Township ), Orange Township (November 27, 1806), Bloomfield Township (March 23, 1812) and Clinton Township (April 14, 1834, remainder reabsorbed by Newark on March 5, 1902). Newark
19440-657: Was merged into Bank of America Corporation in October 2018, with certain Bank of America subsidiaries continuing to carry the Merrill Lynch name, including the broker-dealer Merrill Lynch, Pierce, Fenner & Smith. In 2019, Bank of America rebranded the unit to "Merrill". Merrill Lynch rose to prominence on the strength of its network of financial advisors, sometimes referred to as the "thundering herd", that allowed it to place securities it underwrote directly. In contrast, many established Wall Street firms, such as Morgan Stanley , relied on groups of independent brokers for placement of
19584-425: Was no longer a matter of if the still-in-bankruptcy Rickel could reverse its fortunes and stave off its demise but instead a matter of how much time the former home improvement stalwart had left before it would be forced to close its doors for good. On October 11, 1997, Rickel vice president for marketing Greg Hanselman made the announcement that the company "ran out of cash" to operate the remaining 49 stores and that
19728-497: Was no real sale and no real profit. Four former Merrill top executives and two former midlevel Enron officials faced conspiracy and fraud charges. The Merrill Lynch executives were convicted, but, unusually, all three of those that appealed subsequently had their charges overturned by the 5th U.S. Circuit Court of Appeals in New Orleans who called the conspiracy and wire fraud charges "flawed." The Justice Department decided not to retry
19872-521: Was one of the first "do-it-yourself" home improvement stores, eventually expanding beyond plumbing supplies and selling heating and electrical supplies and tools in addition. An early slogan and jingle of the Rickel chain, which lasted in some degree to its 1997 closure, was "Rickel Helps You Do it Better- Do it Better With Rickel"- a reflection of the Rickel brothers' focus which included employees who could explain to customers how to perform their own home repairs. The concept took off and enabled 'Rickels' (as
20016-403: Was reincorporated as a city on April 11, 1836, replacing Newark Township, based on the results of a referendum passed on March 18, 1836. The previously independent Vailsburg borough was annexed by Newark on January 1, 1905. In 1926, South Orange Township changed its name to Maplewood. As a result of this, a portion of Maplewood known as Ivy Hill was re-annexed to Newark's Vailsburg. The name of
20160-488: Was selecting the assets. When the CDO value tanked, Rabobank was left owing Merrill a large amount of money. Merrill disputed the arguments of Rabobank , with a spokesman claiming "The two matters are unrelated and the claims today are not only unfounded but weren't included in the Rabobank lawsuit filed nearly a year ago". Significant losses were attributed to the drop in value of its large and unhedged mortgage portfolio in
20304-547: Was settled in 1666 by Connecticut Puritans led by Robert Treat from the New Haven Colony . It was conceived as a theocratic assembly of the faithful, though this did not last for long as new settlers came with different ideas. On October 31, 1693, it was organized as a New Jersey township based on the Newark Tract, which was first purchased on July 11, 1667. Newark was granted a royal charter on April 27, 1713. It
20448-444: Was starting to show signs of recovery that met with positive reactions, reality painted a different picture as the company appeared to be in a state of terminal decline. Rickel went through two more rounds of closures that ran into 1997; when those were done, the chain was almost half the size of what it had been just two years before, with 49 locations still operating. In 1997 Rickel decided to shift focus again and focus less on being
20592-552: Was surprised by the lawsuit. Three days later, the company froze hiring and revealed that it had charged almost $ 30 billion in losses to its subsidiary in the United Kingdom, exempting them from taxes in that country. On August 22, 2008, CEO John Thain announced an agreement with the Massachusetts Secretary of the Commonwealth to buy back all auction-rate securities from customers with less than $ 100 million in deposit with
20736-456: Was the dominant home improvement retailer in the region, far outselling its larger competitors Channel Lumber and Pergament . The subsequent decade was a time of continued expansion as the Rickel chain grew to over 30 stores by the mid-eighties, including one in the former Ice World arena in Totowa, New Jersey . However, Supermarkets General's fortunes were starting to turn as the company entered
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