The chain was founded by four brothers, Stephen, Lawrence, Marvin, and
Douglas Jemal, in New York City in 1977. Later, it officially changed its name to its well-known advertising slogan, "Nobody Beats The Wiz." During the early-to-mid 1990s "Nobody Beats The Wiz" was a major sponsor for many local New York City-area sports franchises, including the
Yankees,
Knicks,
Mets,
New Jersey Nets,
Rangers,
New Jersey Devils and
Islanders. It also sponsored teams outside the New York City area such as the
Orioles,
Flyers,
Whalers and
Canadiens. In 1996, the company threatened legal action against the
Major League Soccer franchise the
Kansas City Wiz, who were renamed the Wizards as a response. In 1998, after having expanded from roughly 20 stores to over 80 stores in less than a year, the chain filed for
bankruptcy and was purchased by
Cablevision for $80 million (equivalent to $ in ). Cablevision eventually dropped the "Nobody Beats the Wiz" slogan. At its peak, the firm's revenues were $1.4 billion, with 2,000 employees, operating 94 stores in New York, New Jersey, Connecticut, Maryland, and Massachusetts. It also operated music-only stores in Maryland and the Washington, D.C. area. The chain closed permanently in 2003. A Cablevision press release from February 16, 2003 stated: "Continuing to operate the stores is no longer a viable option for Cablevision as business conditions at the retailer eroded due to a weakened retail economy and other factors." Once the chain closed, one of its founders, Marvin Jemal, opened a new electronics chain, The Zone, in a number of former Wiz locations. The new chain, which heavily mentioned that it was from the founder of The Wiz, went out of business less than two years later. In September 2003, competitor
P.C. Richard purchased The Wiz's assets mainly for its name. ==In popular culture==