Word: krogers
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Sherrill manage Cincinnati for $25,000 per year, until last month when he resigned to enter the Kroger chain grocery business (TIME, May 5). Last week, after Lieut. Colonel Ulysses Simpson Grant 3rd, Washington's present Director of Public Buildings & Public Parks had refused the post, Cincinnati found its new manager in the person of Clarence Addison Dykstra, 47, Ohio-born citizen of California, a man great in theory and practice. Theory: he taught economics at Ohio State University, political science at the University of Kansas and University of California, Los Angeles. Practice: he was secretary of Cleveland...
Although the Kroger chain now has 5,600 stores and 23,000 employes, is supposedly negotiating for more, all has not been going well. The 1929 operating margin was slimmer. Change from a centralized into a nine-branch decentralized system was expensive, large inventory losses have been suffered. But the real seriousness of the Kroger difficulties was not fully apparent until last week...
...first snapping of Kroger links occurred in March when Founder-Chairman Bernard Henry Kroger resigned, accompanied by other officers near and dear to him. If Mr. Kroger Senior had been the only resignee, Cincinnatians, fond of their nation-spanning company, would have excused it on account of his 70 years and the need of aquiring a new wife, 36. But such a wholesale exodus demanded an explanation. Officially it was given as: "A friendly disagreement on business policy"-which, like many business announcements, was only partially true...
...second snapping took place last week. One day it was announced that able, popular Col. C. O. Sherrill, Cincinnati city manager with a national reputation, had become a Kroger vice president. Next day it was disclosed that an error in bookkeeping had been found, that profits for 1929 were nearly $500,000 less than originally reported, that a reserve of $500,000 had been set up against further errors still lurking in the books. At this moment youngish William Henry Albers who had succeeded Mr. Kroger as chief executive, resigned, both from Kroger and Commercial National Bank and Trust...
Startled Cincinnatians recalled the company's history. Mr. Kroger Senior, after working in several grocery chains, called himself The Great Western Tea Co.* and started door-to-door selling. Chief of his abilities was not selling, but buying. He soon opened stores in the centre of town, where his values could not escape notice. He acquired ten stores in as many years. Late in 1927 Mr. Kroger is supposed to have sold his holdings to Lehman Bros, for $40,000,000, and a short time later Mr. Albers became president. The following year...