Alexander's, founded in 1928 by George Farkas , was a small chain of department stores in the New York metropolitan area. Catering to low- and middle-income consumers, Alexander's offered discounted designer fashions and high-quality private label goods. At its height, the company operated 15 stores, with its flagship at 59th Street and Lexington Avenue in Manhattan. The company's hold on the marketplace began to slip in the 1970s, as customers defected to larger competitors and specialty retailers. In 1980, Interstate Properties took a major stake in the ailing chain, seeking to convert its real estate to more profitable ventures. Throughout the 1980s, Alexander's management struggled to expand the retailer's offerings beyond leisure apparel, but was often distracted by real estate sell-offs. The company made a last-ditch effort to modernize in the early 1990s by expanding its activewear, electronics, housewares, sports equipment, and toy departments, but to no avail. Alexander's finally declared bankruptcy in 1992 as debts to vendors mounted and inventories dwindled. After being reorganized into a real estate company, Alexander's began selling off its valuable properties to developers.