<P> Meshulam Riklis purchased McCrory's in 1960, and moved its headquarters to Springettsbury Township, York County, Pennsylvania, in 1963 . At the time it was the fourth largest retailer in the United States . Riklis controlled McCrory's through the Rapid - American holding company, which was managed by Samuel Neaman . Riklis' famed sleight of hand, shifting assets between notable brand name successful companies and holding companies is best exemplified by his handling of McCrory Stores, driving the brand name into bankruptcy while keeping the assets . Among the retailers controlled by McCrory's at the time were Best & Co., Lerner Shops, and S. Klein . </P> <P> In 1986 it purchased the 76 remaining Kresge and Jupiter stores from Kmart, reuniting the companies . It was at this time controlled by E-II Holdings, Inc., which also owned Elmore, Britts, and Kittinger and Bargain Time . E-II Holdings was a group of jilted Riklis investors, seizing old Riklis properties trying to recoup their losses . </P> <P> In 1989, 1,300 stores were operated by the McCrory company . However, as the decade turned, its fortunes decreased, and by 1992 it filed for bankruptcy . Several rounds of store closures followed, with one of the biggest coming in 1997 when McCrory's shuttered 300 of its last 460 stores . The company also converted some stores to their Dollar Zone format of dollar store, but these closed in early 2002 . In December 2001, McCrory Stores announced the remaining McCrory's, TG&Y, G.C. Murphy and J.J. Newberry stores it was operating would begin liquidating and in February 2002 the company ceased operation . </P>

When did mccrory's go out of business