Word: fieldcrest
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Dates: during 1937-1937
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Where McKinsey met something less than complete success vas in his handling of Marshall Field's manufacturing division of 24 textile mills. These he consolidated into one closely-co-ordinated unit, reducing the number of products to 18, all sold under the brand name Fieldcrest. Moving the manufacturing division to Manhattan, he marked out a program for it and commanded, in effect, "Now, boys, go ahead and don't ask me for money...
...division took a whale of a loss on its huge cotton orders. What was worse, Mr. McKinsey, for all his theoretical skill, foresaw no business depression ahead and the manufacturing division kept on turning out goods at top speed all last spring. When excess inventory caught up with the Fieldcrest mills, they were definitely hard hit. The manufacturing division is now contracting like a scared shellfish...