Word: unsold
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...Christmas bargains, such as brand-name $14 shirts for $6.99 in Boston. Korvettes discount department stores in Manhattan are offering scrip worth $ 110 in merchandise to customers who bring in $100 in Christmas Club checks. Chicago's Montgomery Ward chain, which has an unusually high inventory of unsold goods, has decided to bring back last year's energy saving and cut down on costly Christmas lighting displays...
...assembly plants for more than five weeks, from the day before Thanksgiving until Jan. 6. Only its plant in St. Louis will produce cars. The move, which came as no surprise in view of Chrysler's 120-day inventory of unsold cars, means layoffs and bleak Christmases for 64,200 workers. White-collar workers also face the ax; fully 20,000 will be temporarily dropped at Chrysler. All company officers, from the vice-presidential level up to and including Chairman Townsend, will take December pay cuts. An angry Douglas Fraser, chief of the U.A.W.'s Chrysler Department, blamed...
...High. Other automakers are also putting on the brakes. The industry's supply of unsold cars last week stood at 69 days, a record tempered only technically by the fact that the figure is based on current small daily volume and could shrink rapidly if the pace picks up. Ford, with a 50% third-quarter profit decline and an early November sales dropoff of 36%, is also reducing its work force; layoffs could reach 54,000, including at least 3,000 white-collar staffers in Dearborn. GM's layoffs now total 53,000, and last week the company...
Vacant Lots. The shores of California and southern Florida are stippled with unsold condominium apartments -almost 18,000 in the Miami-Fort Lauderdale area alone. Demand for rental housing is at an alltime high, but construction has virtually ceased. Many cities are packed with vast, vacant building sites like the one cleared two years ago in the Chicago suburb of Oak Park for its still-unbuilt 39-story "Twin Oaks" residential complex. Some 900 construction firms went bankrupt from January through July. Many of them were small local outfits, but the failures also include a dozen publicly held firms that...
...coalition could be organized under another Premier. At the same time, Fiat, the flywheel of Italy's long-running economic miracle, ordered a three-day week for 71,000 auto workers-one-third of its entire staff-because the giant auto firm had a backlog of 300,000 unsold cars...