Word: cuttings
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Dates: during 1960-1969
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...drank, ate or talked with black Marines, soldiers and sailors in their barracks, mess halls, tanks and foxholes." One black Army sergeant major urged him to tone down his Afro hair style before he met the troops; Terry discovered that the sergeant had ordered his men to cut their hair before the "TIME man" came to talk to them. Nevertheless, Terry interviewed well over 400 blacks; he talked with jet pilots who took him along on their strike missions, with airborne troops who carried him into the A Shau Valley assault that led to Hamburger Hill, with Marines on patrol...
Members account for about 82 per cent of the Coop's sales. Thus 82 per cent of the Coop's profit goes back to the membership at the end of the year. The other 18 per cent gets cut in half by taxes, and the remainder is all the Coop has left for reinvestment and growth. Although the Coop appears to have a lot of money, it really doesn't. There are not large sums hidden away in the vaults of the Harvard Trust. In fact, whenever the Coop has needed to expand in recent years...
...arrival of the discount house in the last ten years has really put us in a squeeze." Brown admits. "We have always tried to price as low as anyone, but now that low is relatively much lower than before. In order to get a dividend, the Coop must cut corners wherever it can. The rebate has to come from somewhere if it doesn't come from higher prices. You can't have a superlative store and fixturing. $5-an-hour sales people, maintain discount prices, provide a lot of service in the form of special orders and still expect...
...There are only two ways to keep the Coop profitable enough to continue paying rebates." Brown says." Either we get the margin up or the expenses down. If we get the margin up people will cut our throats because prices are higher. If we get expenses down, we have to cut services. For instance, we could have a lot of money if we cut back or eliminated our charge account business or our Saturday check-cashing department, but we consider these important services for our members and ones they would not want to see eliminated...
...cut expenses. Although 40 per cent of the Coop's employees are considered permanent, the other 60 per cent turn over every three months. Many students work only part-time or take a sales job to pay for holiday or seasonal expenses. Giving these short-term employees adequate training is extremely difficult. Inadequate training accounts for part of the Coop's shortage rate. Each year the Coop loses 21/2per cent of its sales-about $400,000-in shortages. These losses include not only customer and employee stealing, but also employee errors in marking and charging. If an item costs...