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Rainbow Shops is now owned by the Syrian-Jewish Chehebar family. [4] [5] Today, along with sister brands 5-7-9 and Marianne, Rainbow operates 1,300 stores in United States, Puerto Rico, and the U.S. Virgin Islands. [2] Rainbow's holding company, A.I.J.J. Enterprises Inc., purchased the 5-7-9 brand in 1999 from the bankrupt Edison Brothers Stores.
In 1970 (55 years ago) (), Edison Brothers Stores purchased the 5-7-9 chain, making it one of numerous clothing and shoe chains the company expanded nationwide. [2] In May 1999 (25 years ago) (), Edison Brothers, which had gone bankrupt and was being liquidated, sold the 5-7-9 stores to a newly formed subsidiary of A.I.J.J. Enterprises, Inc., owner of Rainbow Shops.
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Rainbow's first substantial expansion, in 1978, was the opening of a general store (selling vitamins, dry goods, housewares, books, clothing etc.). It was located a few doors down from the grocery store. The general store initially ran at a considerable loss and became a significant financial drain on the grocery store.
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