Word: discounter
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Dates: during 1960-1969
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...addition for a while. As part of the transaction, Federated agreed with the Federal Trade Commission that it would not buy any more such stores for a five-year period. Expansion-minded Ralph Lazarus, therefore, is looking for other opportunities. The company is about to open a string of discount stores under the name "Gold Circle," has borrowed $20,000,000 to invest in European retailing if an opportunity comes...
...company's president, Charles Francis Adams, to "make some money." Geneen tightened up Raytheon's cost controls, arranged fresh credit from the banks, squeezed out new working capital. He saw to it that Raytheon paid its bills on time, to take advantage of the standard prompt-payment discount; at the same time he insisted that Raytheon's debtors pay up pronto. Anxious to infect the entire company with his own profit consciousness, Geneen on one occasion rented a local high school auditorium, used it to deliver a lecture on basic economics ("Sales are the volume of business...
...Rate Array. Frontier has climbed to that altitude partly by filling seats with the wildest array of discount air fares in the U.S. To the annoyance of its competitors, Frontier offers 13 kinds of cut-rate tickets, and during the first five months of this year they brought in 37% of the line's record $10.5 million passenger revenues. There are discounts for the military, clergy, Government employees, youths, skiers, families (wives may take separate flights) and any group of ten or more. One of the most successful is Frontier's halffare standby plan, under which any passenger...
Fare Games. The ticket takers bank on the average American's ready belief that just about anything can be got wholesale (airline tickets cannot). Often the crooks pass the word around that they are part-time "travel consultants" authorized to sell "discount" tickets at 10% to 40% under regular fares. One Los Angeles con man had been making the rounds of airport bars and restaurants, offering to sacrifice his commission and sell tickets cheap so that he could "build up a large sales report." Another imaginative fellow liked to tell prospects he was in the all-expenses-paid type...
...stop the phonies at the reservations counters, the airlines are offering clerks a $25 reward for each ticket they spot against a list of the stolen blanks' serial numbers-which is the only way they can be positively detected. Meanwhile the lines are spreading the word that the discount tickets are no bargain. Passengers caught with them can be arrested for using stolen property, though unwitting travelers get off easily. Last month TWA investigators caught up with two young girls who had made it to Madrid on bogus tickets they had bought in Los Angeles. Convinced that...