Word: shrunk
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Other entrepreneurs thrive on challenges that can daunt larger firms. Few industries have shrunk more in recent years than American shoe manufacturing, which has seen imports walk off with much of its business. Yet the Timberland shoe company (1983 sales: $60 million), based in the rural hamlet of Newmarket, N.H., has weathered the foreign onslaught and added 900 workers over the past five years. "We benefited from the lack of imagination of some of the other old shoe companies around here," says Herman Swartz, president of the family-owned concern. Fully one-quarter of Timberland's sales have come...
Like many mainline Protestant groups, the Presbyterians are rich ($1.2 bil lion in contributions last year) but have been suffering from a slippage in membership. Since 1968, the rolls have shrunk by 1 million, with a decrease of 35,000 last year. The 278-year-old U.S. church is troubled by hostility between Evangelicals and social activists in matters as diverse as theology, foreign missions and ecumenism. For 122 years, the Southern and Northern wings of the church were separate entities. Last year they reunited, and Andrews and Thompson have served as Co-Stated Clerks on an interim basis. Says...
...inefficient plants, and stunted by management that sometimes seems to have just given up on the industry. Employment has plunged from a postwar high of 620,000 in 1953 to about 250,000 last year; half of that loss has come since 1970. Use of American steelmaking capacity has shrunk from...
Cutting city operating budgets will be a major problem, most of the mayors said. "Our population has shrunk dramatically so tax revenues have dropped in the past years," Sharp said. "We're just going to have to spend a lot of time figuring where we can draw the line," he added...
...with them the administrators needed to run the economy. Before independence, Angola was a food-exporting nation; now it imports 90% of its needs. Oil remains Angola's most important resource, providing 82% of its foreign currency earnings of $1 billion. The drop in world demand, however, has shrunk production from 150,000 bbl. per day in 1980 to 115,000 bbl. last year. In these conditions, money has become virtually worthless, and an imaginative bartering system has replaced the official currency for many transactions...