Word: hearnes
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...last week in the book department of Hearn's, downtown Manhattan department store, newshawks rushed in to interview an author who was autographing his books, Williams of West Point, Williams on Service. Instead of asking him literary questions, they asked his opinion of NRA. Said General Hugh S. Johnson, author of juveniles: "It is dead as a dodo ?and that is extinct." Then, by way of literary gossip, he dropped the fact that the day before he had had a three-hour talk with President Roosevelt. What that talk concerned the President revealed two days later when he announced...
...Since Hearn's publishes no income statement, no man knew last week whether there were any profits to sacrifice. But that did not bother President Levin, who has never drawn any salary or dividends. Yet he keeps a large apartment in Manhattan, a country place at Croton, N. Y. where he keeps riding horses. Ten years ago, at 36, he was already a wealthy...
...Manhattan some of his banker friends telephoned him to go over to Fifth Avenue & 14th Street. Hearn's was for sale, they said. Mr. Levin protested that he knew nothing about department stores, had in fact never been inside one. But he put on his hat and went over. Inside the ancient barnlike building 450 employes waited forlornly for the store to collapse. Sales for the previous year had been barely $5,000,000. Inventories were down to nothing and few manufacturers dared extend credit to Hearn's. So Mr. Levin bought the store...
...That enabled him to pick up attractive bargains from wholesalers and manufacturers. Then he spent $300,000 dressing up the store with a new front on 14th Street, new counters, fresh paint, new escalators. While his brother, who had changed his name from Levin to Jacob M. Kaplan, managed Hearn's capital, and a store executive named Leonard Ginsberg looked after the merchandise, President Levin started a series of shrewdly aggressive promotion campaigns. In two years business had picked up enough to keep 1,000 clerks busy. Last week President Levin opened his enlarged wine & liquor store, said...
Specializing in quick turnover at low prices, Hearn's is probably the cheapest of Manhattan's big department stores. For every customer from Park Avenue, there are 100 from Third Avenue who crowd into Hearn's to buy wool overcoats at $10, dresses at $2.99, neckties at 39¢. But in two years President Levin has run up Hearn's sales from $5,000,000 to $10,000,000. Last week he confidently predicted that for 1934 they would be $15,000,000?nearly a fifth of the gross sales of Macy's, biggest U. S. department store...