Word: kendrick
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...years since it was founded as a 250 variety store in Lynn, Mass., the W.T. Grant Co. had never failed to ring up an annual profit. Indeed, until recently it had been pursuing a headlong expansion program. But last week Chairman James G. Kendrick confirmed rumors that had been sweeping the industry for months: Grant's profits and progress had both come to a thudding halt. After a grim meeting with Grant's bankers at the chain's new Manhattan headquarters, Kendrick said that the company would report a loss of $175 million for the past year...
Grant's problems started with the expansion program begun in the 1960s by one of Kendrick's predecessors, Louis Lustenberger. Between 1969 and 1973, the firm opened no fewer than 376 new stores (on one especially busy day, 15 new Grants outlets opened their doors to the public). Industry analysts note that even the best-managed new chain stores usually do not draw enough customers to begin showing a profit until they have been in operation for three or four years; not too long ago, however, almost half of Grant's stores were less than five years...
Although the combination of inflation and recession has been squeezing profits hard at a number of big chains -among them Sears, J.C. Penney, Montgomery Ward and Kresge-U.S. retailers as a whole are not in as bad shape as Grant's troubles might suggest. Kendrick, 61, a former Grant's floorman who took over as chairman last September, believes that the chain's slide can be reversed before too long. He plans to cut back to a "hard core" of 900 stores by 1977, slash capital spending by 90% in 1975, and return...
...VAUGHN KENDRICK...
...Assembly Line. Behavioral Research sent Donald Kendrick, a former Lockheed systems analyst, to Gary as director of the school. "We want a job done," he announced, likening education to the assembly line. "One fellow puts in the nuts, you put in the bolts, and the product comes out." Kendrick transferred ten teachers, and used their salaries to augment his staff with 28 teacher's aides...