From this press release:
Jays started simply in 1927 when Leonard Japp, Sr. bought an old truck for $50 and began selling pretzels. The business grew rapidly until the stock market crash of 1929, but Japp bounced back and began selling chips under the brand name "Mrs. Japp's Potato Chips". In 1941 with the attack on Pearl Harbor, anti-Japanese sentiment led to the company being renamed "Jay's Potato Chips." From there the company grew to produce popcorn, pretzels and tortilla chips. Japp credits his wife Eugenia with much of their success as she created recipes using potato chips which were then printed on the bags.
The company remained family-owned until 1986, when it was acquired by Borden, Inc. In 1994, Jays Foods was re-acquired by the Japp Family who operated it for the next 10 years in an attempt to re-establish their quality snack food brand throughout the Midwest. Unfortunately, economics and technological advancements created an additional hurdle for the family and led to the company's first bankruptcy filing in 2004. The company was then sold to a Chicago private-equity firm which renamed the company Ubiquity Brands and eventually late last year, it ended up in bankruptcy once again.

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