On April 1, 1893, Rothschild in partnership with Nathan Straus and Isidor Straus (who was married to Rothschild's aunt, Ida Blun Straus), bought out Joseph Wechsler's interest in Wechsler &amp; Abraham, co-founded by Rothschild's father-in-law Abraham Abraham, and changed the store's name to Abraham &amp; Straus. The Straus' family provided most of the financing for the transaction as they were flush with cash after their acquisition of a general partnership with Macy's department stores in 1888. Abraham's son, Lawrence Abraham, and son-in-law, Edward Charles Blum, also joined the partnership. Rothschild become vice president in 1920, president in 1925, and chairman of the board in 1930. In 1928, while president, Rothschild began a $7.8 million expansion of the Fulton Street store which opened on October 10, just days before the Wall Street Crash of 1929. Also in 1929, Rothschild presided over the merger of Abraham &amp; Straus with Filene's, Lazarus, and Bloomingdale's to form Federated Department Stores. In order to preserve jobs during the Depression, all Abraham &amp; Straus employees took a 10% pay cut; as a result, no employees were laid off. Abraham served as chairman until his death in 1936.