PORTLAND, Ore. (KOIN) — It wasn’t so much the merchandise that stood out as much as Tom Peterson himself. Sporting a trademark flattop haircut, he urged people to wake up and coined phrases like, “Free is a very good price.”
The iconic pitchman died last week at 86 after a long struggle with Parkinson’s. But Tom Peterson left an enduring legacy.
In the 1970s and ’80s he was a fixture on late night television and was a longtime sponsor of Portland wrestling. He kept his eponymous stores open until 3 a.m. catering to people inspired by what they saw on his late night commercials.
Peterson was a lot more than a salesman of home appliances. He grew into a quirky, iconic symbol of the working class Southeast Portland neighborhoods which helped grow his business.
In 1989 he acquired the bankrupt Stereo Super Stores — against the advice of his wife, Gloria — and filed for bankruptcy himself less than 2 years later. It brought his $30 million empire to its knees.
He would later call the Stereo Super Stores purchase the “Stereo Stupid Store acquisition.”
He and Gloria reorganized and re-opened, but business was never the same. The Petersons closed their remaining store in 2009.
Through it all Tom and Gloria — married for 63 years — lived in the same one-story craftsman-style home in Happy Valley.
Tom Peterson was laid to rest August 1 in Southeast Portland.