From Wikipedia, the free encyclopedia.
Eaton's was once Canada's largest department store retailer. Founded in Toronto in 1869 by Timothy Eaton, an Irish immigrant, Eaton's first advertisement read "We propose to sell our goods for CASH ONLY – In selling goods, to have only one price." In an era where haggling for goods was commonplace, this was a revolutionary business practice.
Eaton's was well known for its customer service, as expressed in its long-standing slogan "Satisfaction Guaranteed or Money Refunded".
In 1883 Timothy Eaton opened a new four-storey department store in downtown Toronto, and by the time he died in 1907, Eaton's had two large stores and a Canada-wide mail-order service, which was no small feat in the days before mass transportation.
Eaton's was also well known for giving back to the community as exemplified in its sponsorship of the annual Toronto Santa Claus Parade. By the 1950s the parade was the largest in North America, stretching for a mile and a half and involving 1,000 participants.
In 1977 the crown jewel of the Eaton's empire, the Toronto Eaton Centre, opened in downtown Toronto. The massive complex stretches an entire city block and boasts 200 stores, anchored at the north end by an immense nine-storey Eaton's.
Eaton's continued to thrive through the 1980s but in the 1990s, hurt by strong competitors such as the Hudson's Bay Company and Sears Canada, and by new specialty stores making their way up from the United States, Eaton's filed for bankruptcy protection in 1997, finally folding in 1999 after a failed initial public offering. Its assets were acquired by Sears Canada.
