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Crazy Eddie
Crazy Eddie was a consumer electronics retail chain in the Northeastern United States. It was founded in 1969 in New York City by Eddie Antar and Sam M. Antar and initially operated as ERS Electronics (named for Eddie, Rose, and Sam; Rose and Sam were Eddie Antar's parents). The chain expanded in the New York metropolitan area and became known for discount pricing and extensive radio and television advertising featuring spokesperson Jerry Carroll. At its peak, Crazy Eddie operated 43 stores in four states and reported more than $300 million in sales.
The company engaged in fraudulent business practices, including underreporting income, skimming sales tax receipts, and paying employees off the books. During the process of becoming a public company, it continued to engage in fraud, including overstating profits and inflating inventory. Eddie Antar resigned from the company in December 1986 after selling company stock. In November 1987, the board approved the sale of the company and members of the Antar family were removed from management. In 1989, Crazy Eddie filed for bankruptcy and was liquidated.
In February 1987, the United States Attorney's Office for the District of New Jersey began a federal grand jury investigation into Crazy Eddie's finances. In September 1987, the United States Securities and Exchange Commission initiated an investigation into alleged violations of federal securities laws by company officers and employees. Eddie Antar later fled to Israel in February 1990 and was returned to the United States in January 1993. His 1993 conviction on fraud charges was overturned on appeal, and he later pleaded guilty in 1996. In 1997, Antar was sentenced to eight years in prison and assessed fines. He was released in 1999 and died in 2016.
Eddie Antar (December 18, 1947–September 10, 2016) was born in Brooklyn, New York City, to a family of Syrian Jewish origin. His grandparents moved to Brooklyn from Aleppo, Syria. Antar's father, Sam Antar, was a retailer.
The predecessor to Crazy Eddie was a consumer electronics store called Sight and Sound.[citation needed] It was operated by ERS Electronics, a company owned by Sam M. Antar, Eddie Antar, and Eddie Antar's cousin Ronnie Gindi. Sight and Sound, located on Kings Highway in Brooklyn, began operations in 1969. Eddie Antar became known as "Crazy Eddie" for his sales approach. Within eighteen months, the store was near bankruptcy. Eddie Antar later bought out Gindi's ownership stake, and Sam M. Antar retained an ownership interest while leaving day-to-day operations to Eddie Antar.[citation needed] In 1971, the Kings Highway store was renamed Crazy Eddie.
During the 1970s, the company expanded beyond Brooklyn. A second location opened in Syosset, New York, in 1973, followed by a third location in Greenwich Village in 1975. The company established a corporate office on Coney Island Avenue in Brooklyn that year. By 1977, it had opened additional stores, including locations in The Bronx and in Paramus, New Jersey, along Route 17. By 1981, Crazy Eddie operated ten locations, including a Manhattan store on East 57th Street on the Upper East Side.
Crazy Eddie advertising in the New York metropolitan area featured Jerry Carroll. The association began in 1972, when Carroll was a radio disc jockey known as "Dr. Jerry" at WPIX-FM. Antar purchased on-air advertising and Carroll delivered the slogan "his prices are insane" in an exaggerated style. Antar requested that Carroll repeat the delivery consistently in later advertisements.
Carroll began appearing in television commercials for Crazy Eddie in 1975 and continued for much of the next fifteen years. One recurring promotion was the chain's "Christmas in August" sale. Carroll also appeared in a Spanish-language advertisement, without a speaking role.
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Crazy Eddie
Crazy Eddie was a consumer electronics retail chain in the Northeastern United States. It was founded in 1969 in New York City by Eddie Antar and Sam M. Antar and initially operated as ERS Electronics (named for Eddie, Rose, and Sam; Rose and Sam were Eddie Antar's parents). The chain expanded in the New York metropolitan area and became known for discount pricing and extensive radio and television advertising featuring spokesperson Jerry Carroll. At its peak, Crazy Eddie operated 43 stores in four states and reported more than $300 million in sales.
The company engaged in fraudulent business practices, including underreporting income, skimming sales tax receipts, and paying employees off the books. During the process of becoming a public company, it continued to engage in fraud, including overstating profits and inflating inventory. Eddie Antar resigned from the company in December 1986 after selling company stock. In November 1987, the board approved the sale of the company and members of the Antar family were removed from management. In 1989, Crazy Eddie filed for bankruptcy and was liquidated.
In February 1987, the United States Attorney's Office for the District of New Jersey began a federal grand jury investigation into Crazy Eddie's finances. In September 1987, the United States Securities and Exchange Commission initiated an investigation into alleged violations of federal securities laws by company officers and employees. Eddie Antar later fled to Israel in February 1990 and was returned to the United States in January 1993. His 1993 conviction on fraud charges was overturned on appeal, and he later pleaded guilty in 1996. In 1997, Antar was sentenced to eight years in prison and assessed fines. He was released in 1999 and died in 2016.
Eddie Antar (December 18, 1947–September 10, 2016) was born in Brooklyn, New York City, to a family of Syrian Jewish origin. His grandparents moved to Brooklyn from Aleppo, Syria. Antar's father, Sam Antar, was a retailer.
The predecessor to Crazy Eddie was a consumer electronics store called Sight and Sound.[citation needed] It was operated by ERS Electronics, a company owned by Sam M. Antar, Eddie Antar, and Eddie Antar's cousin Ronnie Gindi. Sight and Sound, located on Kings Highway in Brooklyn, began operations in 1969. Eddie Antar became known as "Crazy Eddie" for his sales approach. Within eighteen months, the store was near bankruptcy. Eddie Antar later bought out Gindi's ownership stake, and Sam M. Antar retained an ownership interest while leaving day-to-day operations to Eddie Antar.[citation needed] In 1971, the Kings Highway store was renamed Crazy Eddie.
During the 1970s, the company expanded beyond Brooklyn. A second location opened in Syosset, New York, in 1973, followed by a third location in Greenwich Village in 1975. The company established a corporate office on Coney Island Avenue in Brooklyn that year. By 1977, it had opened additional stores, including locations in The Bronx and in Paramus, New Jersey, along Route 17. By 1981, Crazy Eddie operated ten locations, including a Manhattan store on East 57th Street on the Upper East Side.
Crazy Eddie advertising in the New York metropolitan area featured Jerry Carroll. The association began in 1972, when Carroll was a radio disc jockey known as "Dr. Jerry" at WPIX-FM. Antar purchased on-air advertising and Carroll delivered the slogan "his prices are insane" in an exaggerated style. Antar requested that Carroll repeat the delivery consistently in later advertisements.
Carroll began appearing in television commercials for Crazy Eddie in 1975 and continued for much of the next fifteen years. One recurring promotion was the chain's "Christmas in August" sale. Carroll also appeared in a Spanish-language advertisement, without a speaking role.