Word: lum
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Dates: during 1970-1979
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...Brown decided that maybe he would wait until 1974. He needed something to do meanwhile, an activity that would still leave him time for political jobs like organizing the telethon that netted more than $2,000,000 for the Democratic National Committee last month. Last August, accordingly, he bought Lum's, a 340-outlet beer-and-hot-dog chain, for $4,000,000 in cash...
...Lum's franchises lost $150,000 last year-partly, says Brown, because "they did not have very good food. I figured that upgrading it would be my first task." So Brown recruited a platoon of young executives and told them to scour the country until they found the perfect hamburger...
...Lum's hired Ollie to train its personnel, and it is now testing Ollie-burgers-at a high 95? each-in its Ohio outlets. Gleichenhaus is not entirely sure that Lum's countermen can duplicate his masterpiece: "Those yo-yos are looking for a short way to make my burgers, but there's no way other than the right way." Even so, Brown intends to go nationwide with Ollie-burgers within a year, and has prepared 63 television commercials featuring Ollie in "an Archie Bunker kind of approach." The rest may some day be history...
...Lum's Inc., a restaurant franchise company, paid $60 million last fall for Caesars Palace; the price of the company's stock tumbled from 26⅜ last November to last week's 8⅛. The casino has been doing well, but Lum's other business has not been able to keep up. The company has changed its accounting method. Lum's recorded an 18% fall-off in net income for the six months ended Jan. 31; under the old accounting system, the drop would have been...