The Hertz Corporation (also known as Hertz Rent a Car or simply Hertz) is the world's largest general-use car rental brand in the world, with approximately 3,500 locations in the United States and 7,500 worldwide.
Hertz Gift Card also maintains a heavy equipment rental division known as the Hertz Equipment Rental Corporation, aka HERC. It is headquartered in Park Ridge, New Jersey, United States. HERC has more than 300 branches throughout the United States, Canada, Spain, France and India.
The company was begun by Walter L. Jacobs in 1918, who started a car rental operation in Chicago with a dozen Model Ts. In 1923, Jacobs sold it to John D. Hertz, president of Yellow Cab and Yellow Truck and Coach Manufacturing Company, who renamed it the "Hertz Drive-Ur-Self System". The company has passed through a number of hands, including General Motors, RCA, and United Airlines. As a public company, Hertz was traded on the NYSE under the symbol HRZ until the purchase of outstanding stock by Ford Motor Company.
From 1994–2005, it was a wholly owned subsidiary of Ford Motor Company. On June 13, 2005, Ford issued a notice that Hertz Gift Card would be spun off in an initial public offering. On September 13, 2005 it was announced it was to be sold to a private equity group (composed of Clayton Dubilier & Rice, The Carlyle Group and Merrill Lynch Global Private Equity) for $5.6 billion in cash and debt acquisition. The sale was completed on December 22, 2005.
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American Eagle Outfitters (NYSE: AEO) is an American clothing and accessories retailer based in Pittsburgh, Pennsylvania. It was founded in 1977 by Mark and Jerry Silverman as a subsidiary of Retail Ventures, Inc., a company which also owned and operated Silverman's Menswear. The Silvermans sold their ownership interests in 1991.
American Eagle (also stylized as Am. Eagle, A.E.O, Amer. Eagle, A.E., æ, and A.E. Outfitters) targets teens and young adults. Some of the best selling products of American Eagle Outfitters are Low-rise jeans, Polo Shirts, Graphic T-shirts (with the AE logo and year established), and swimwear.
When the Silvermans first opened an American Eagle Outfitters store in 1977, they were looking to diversify their menswear business. Stores were set up in shopping malls and a catalog was established. The chain grew for much of the 1980s. In 1989, the owners decided to refocus their business on American Eagle Outfitters, selling their other retail chains. At this time, there were 137 American Eagle Outfitters stores including 37 in the United States.
Despite the plans for quick growth after the reorganization, American Eagle Outfitters opened only 16 new stores by 1991 and the company was losing money. At this point, the Schottensteins, who had been 50% owners of the chain since 1980, bought out the founding Silverman family's interest. This change in leadership resulted in American Eagle finding its present niche: casual clothing for men and women selling private label clothes. AE opened the first Canadian store in 2001.
When the company began trading on the NASDAQ stock exchange in the second quarter of 1994, it had 167 stores and a healthy cash flow. With the cash infusion from the IPO, the company opened more than 90 new stores within the next year. Several new executives joined the company in 1995 and '96, leading to another change in the target demographic. The company now wanted to reach more women and focus on people between the ages of 15 and 25.
The strategy worked[citation needed], and over the next five years, revenues quintupled to $1 billion by 2000. American Eagle claimed 1101 stores across three brands (American Eagle Outfitters, Aerie, and Martin + Osa) in November 2008 and $3 billion in revenues for the most recent fiscal year.
