Word: departmental
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Dates: during 1940-1949
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In spite of such reassuring facts, some businessmen had been hard hit. U.S. retailers reported that their sales were still below the 1948 level, and for 172 department stores, net profits for 1949's first half were 58% below the 1948 period. Some merchants thought that further price cuts...
Philadelphia's bald, moonfaced Albert M. Greenfield, a real-estate man who became a banker, slid into the department-store business in the depression '30s. With the once prosperous City Stores Co. verging on bankruptcy, Banker Greenfield moved in to protect an $8 million loan, reorganized the company...
Last week Al Greenfield, still full of beans and plans at 62, decided that the time had come for City Stores* to grow some more. For $1,300,000 he bought from Floyd B. Odium's Atlas Corp. its 70% ownership of Manhattan's fast-growing, nine-store...
Greenfield went broke, but he seemed to get along just as well without money. He stayed on as chairman of his most potent company, Bankers Securities Corp., and came back fast. Through Securities Corp. he moved into control of City Stores, Loft Candy Corp., New York's Hearn Department...
With Franklin Simon's gross of $20 million, Greenfield expected to boost City Stores' 1949 sales to $210 million, push hard on the heels of Chicago's Marshall Field & Co. as the sixth biggest U.S. department-store chain.*