Word: coops
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Dates: during 1970-1979
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Brown explained that Coop officers had originally predicted a profit of $500,000 for 1969-70. The Coop actually earned just...
...Coop's financial problems led to a drop in rebates to three per cent on cash and one per cent on charge purchases for 1969-70. Rebates were down four and one-half per cent from the previous year, and seven per cent from June...
...disastrous year for business in general," Brown said Friday, "and the Coop, which made money, did better than most retail stores, but we still didn't make nearly as much as we originally expected...
...hoarding our money," Brown said. "We're required by law to pay out in rebates all profits from members' business. This amounts to about 80 per cent of our total profit." Brown explained that the reduction in profit meant that the Coop had just $80,000, instead of an expected $400,000, to distribute to members in rebates...
Another major factor in the reduction of rebates was the several hundred thousand dollar "shortage" the Coop faced last year. "There are three types of shortages: bookkeeping errors, internal stealing, and external stealing," Brown continued. "There's absolutely no way to determine how much of our shortage is attributable to any one of the three factors...