Word: gimbel
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...When Gimbels' big, sleepy-eyed managing director Frederick A. Gimbel heard about this, he promptly set out to make the most of it. Off he lumbered to Manhattan newspapers with full-page ads proclaiming that "NOBODY BUT NOBODY HAS EVER BEATEN GIMBELS AT ... KEEPING PRICES DOWN." Gimbels' case: on $41,861,000 worth of goods sold between Feb. 1 and Sept. 30 (a rise of 50% over the same period in 1945), Gimbels, said he, had consistently undersold Macy's; Gimbels' overall average markup was only 31.47%, about 1½% under Macy...
...food processors also won an E. Cream of Wheat's $631,549 nearly doubled its comparable 1945 earnings. Standard Brands topped last year's comparable earnings by 22%, General Foods by 16%. Sunshine Biscuit more than doubled also. So did department stores. Typical example: Gimbel Bros, had a net of some $8.5 million for the first six months, a fat 248% better than last year's first half. Up also were many utilities, pharmaceuticals, paper, containers, building products, liquor...
...thought he knew what was wrong was Louis Broido, executive vice president of Manhattan's Gimbel Bros., which has sold more surplus property than any other U.S. retailer. On the basis of this, Broido told the Senate's Mead Committee: all consumer-type surpluses should be sold through big city department stores. Under his plan, surpluses would be sold in the stores, the cash going to WAA. To do the job right, the cumbersome system of priorities for veterans, local governments, educational institutions should be scrapped...
Unwieldy Law. But, as Broido knew, the priority system was put into the badly drawn Surplus Property Act by vote-conscious Congressmen, would probably stay there. Said Broido of the hodgepodge act: "You could be the smartest merchant in the world, Old Man Original Macy or Gimbel himself, and you couldn't do a very good job . . . with this legislation...
...taxes, on sales of $5,674,329. But the ball-point pen, which Reynolds bragged would write for two years without refilling -and would also write under water-had squiggled some blots on this shiny record. Sample blot: of the 100,000 Reynolds pens sold by Manhattan's Gimbel Brothers, Inc. (TIME, Nov. 12), some 6,000 were returned because they did not work properly...