It Ain't Paint Anymore

Pergament Home Centers (Melville, N.Y.) operator of more than 30 superstores and Pergament Express outlets in the New York metropolitan area, announced it is going out of business. It had earlier filed for bankruptcy.

Though Pergament, founded in 1935, was long known around the New York area as a paint and wallpaper retailer, its advertising tag line was “It ain't just paint.” And it had increased its line over the years to include small appliances, power tools, ready-to-assemble furniture, light fixtures and flooring materials. But that put it in direct competition with the larger home-improvement stores in its area – Home Depot, Sears and the Ace Hardware chain.

Last year, it received an infusion of operating capital from U.S. investors, who bought the company from Germany's Westdeutsche Landesbank. They sunk a lot of money into a new store design, but couldn't forestall bankruptcy.