The store was a fixture in southern New England and anchored a number of smaller local and regional shopping centers in Connecticut, Massachusetts and, later, New Hampshire, until it ceased operation in 1994.
The company began a slow decline in the mid to late 1980s which was accelerated by the severe economic recession that hit the region in the early 1990s.
In a move to bolster the retailer's profitability, a merger was formed with another small regional department store chain, Addis & Dey's, located in Syracuse, New York.
In spite of efforts by Sage-Dey, as the merged company was called, to strengthen its economic base, it filed for Chapter 11 in 1992 and ceased operations in 1994.
Its importance as a Main Street landmark was known to the re-developers of the Sage-Allen building, and a deal was struck to return the clock to its traditional place.