Word: chain
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Dates: during 1940-1949
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Recently Ned's son Jerome, 41, who "imbibed merchandising in my guts since I was twelve," has been urging Ned to try the Ohrbach formula in a dozen other cities. A banking syndicate is ready to back such a chain if the Los Angeles store succeeds. But no matter how many stores are opened, Ohrbach's intends to make customers pay cash. Says Ned: "The more billing the less cooing...
Through the lean '30s, successive managements did their best to nurse Childs back to health. Such appetizers as "Eat all you want for 60?" helped Childs eke out small profits in 1935-36-37, but the next four years found the chain back in the red. During World War II it made money, but not enough to satisfy its stockholders. Last year the company was reorganized. This year sales and profits have dipped below 1947-chiefly because of the flat food...
Behind the Counter. Childs could not have picked a better man than Hennessy to put back the flavor. In his 35 years with the Statler chain, where he began ,as a steward, he spent most of his time showing cooks and waiters how to improve food and service. When the new Hotel Statler opened in Washington, white-aproned Chairman Hennessy put in six months as head chef. Hotels are generally glad to break even on food sales, but Hennessy managed to make 8-10% profit on Statler dining rooms...
...cooperative plan," used by landlords to unload hundreds of apartments on tenants at fat profits, last week turned up in the hotel business. Arnold Kirkeby, who has an eleven-hotel chain, announced a plan to turn Manhattan's elegant, 492-room Hampshire House into a coop, and thereby make a pretty penny. Kirkeby's company bought Hampshire House two years ago for $3,550,000 and later borrowed $3,350,000 on it. So far it has earned him less than $700,000 before taxes, which makes Kirkeby think "we are not making much headway...
King Customer. What had caused the drop in retail sales? Most retailers blamed the unseasonal warm weather. But Fred Lazarus Jr., president of the Federated Department Stores, Inc., thought the trouble was something more than that. His chain had just increased its profit 27%-on a sales increase of only 13.6%-to a record of $12 million for the year ended in October. But, like others, Federated felt the November slump. Said Lazarus: "The market has become a buyers' market. The day of honest-to-goodness merchandising is back...