Morris and Rose Michtom founded the Ideal Novelty and Toy Company in Brooklyn when they invented the Teddy bear in 1903. After Morris Michtom's death in 1938, the company changed its name to the Ideal Toy Company, and Michtom's nephew Abraham Katz became chief executive.During World War II, the company's value rose from $2 million to $11 million The company's dolls were so popular during the post–World War II baby boom era, they began selling dolls under license in Canada, Australia, the United Kingdom, and Brazil.
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