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Bonwit Teller & Co. was a department store in New York City founded by Paul Bonwit in 1895 at Sixth Avenue and 18th Street. In 1897 Edmund D. Teller was admitted to the partnership and the store moved to 23rd Street, east of Sixth Avenue. Bonwit specialized in high-end women's apparel at a time when many of its competitors were diversifying their product lines, and Bonwit Teller became noted within the trade for the quality of its merchandise as well as the above-average salaries paid to both buyers and executives. The partnership was incorporated in 1907 and the store made another move, this time to the corner of Fifth Avenue and 38th Street.Throughout much of the twentieth century, Bonwit Teller was one of a group of upscale department stores on Fifth Avenue that catered to the "carriage trade". Among its most notable peers were Peck & Peck, Saks Fifth Avenue and B. Altman and Company.Bonwit changed ownership frequently, particularly after 1979.