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Concept
Coleco
Summary
Coleco Industries, Inc. (kɒˈliːkoʊ) was an American company founded in 1932 by Maurice Greenberg as The Connecticut Leather Company. It was a successful toy company in the 1980s, mass-producing versions of Cabbage Patch Kids dolls and its video game consoles, the Coleco Telstar dedicated consoles and ColecoVision. While the company ceased operations in 1988 as a result of bankruptcy, the Coleco brand was revived in 2005, and remains active to this day.
Coleco Industries, Inc. began in 1932 as The Connecticut Leather Company. The business supplied leather and "shoe findings" (the supplies and paraphernalia of a shoe repair shop) to shoe repairers. In 1938, the company began selling rubber footwear. During World War II demand for the company's supplies increased and by the end of the war, the company was larger and had expanded into new and used shoe machinery, hat cleaning equipment and marble shoeshine stands.
By the early 1950s, and thanks to Maurice Greenberg's son, Leonard Greenberg, the company had diversified further and was making leather lacing and leathercraft kits. In 1954, at the New York Toy Fair, their leather moccasin kit was selected as a Child Guidance Prestige Toy, and Connecticut Leather Company decided to commit to the toy business. In 1956, Leonard read about the emerging technology of vacuum formed plastic; the company adopted this and it became increasingly successful, producing a wide variety of plastic toys and wading pools.
In 1961, the leather and shoe findings portion of the business was sold, and Connecticut Leather Company became Coleco Industries, Inc. On January 9, 1962, Coleco went public, offering 120,000 shares of stock at $5.00 a share.
In 1963, the company acquired the Kestral Corporation of Springfield, Massachusetts, a manufacturer of inflatable vinyl pools and toys. This led to Coleco becoming the largest manufacturer of above-ground swimming pools in the world.
In 1966, Leonard persuaded his brother Arnold Greenberg to join the company.
Official source
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