Word: wal
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Dates: during 1980-1989
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Because Sears will have to put new price tags on 1.5 billion items, the company will close more than 800 of its stores for 42 hours this week. The move is part of Sears' new strategy, announced last October, to compete aggressively with such discounters as Wal-Mart and Target...
...Walton is still the richest man in America, but his fortune may be dented a bit because he missed a court deadline. A state judge in Fort Worth slapped his Wal-Mart Stores chain with an $11.6 million fine because Walton, 70, was 17 days late in delivering a deposition. The chairman's testimony was subpoenaed for a trial in which a customer demanded $6 million after slipping in a Wal-Mart in Sulphur Springs, Texas. The tardiness penalty dwarfed the $35,658.30 the jury awarded Andrew Carrizales, a Houston mechanic, for his injuries. The company will appeal Walton...
...fastest growing of all the large retailers is Wal-Mart, the discount empire built by Billionaire Sam Walton from his Bentonville, Ark., home base. Between 1983 and 1987, its annual sales increased by a phenomenal 240%, to $16 billion. That surge lifted Wal-Mart to the No. 3 spot among retailers, ahead of J.C. Penney (1987 sales: $15.3 billion), Federated ($11.1 billion) and Dayton Hudson ($10.7 billion). In the past, Wal-Mart has concentrated on rural areas and not posed much of a threat to Sears, K mart or other established chains. But now Wal-Mart is expanding menacingly into...
...While Wal-Mart was going big-time, Montgomery Ward was taking a tumble. Bought by Mobil for $1 billion in 1976, Ward saddled the oil company with losses that exceeded $100 million a year in the early 1980s. From 1983 to 1987 Ward fell from No. 6 to No. 12 in the retail rankings as its sales declined 30%, to $4.6 billion. But in 1985 Mobil brought in Bernard Brennan to turn things around. Brennan slimmed down the company, selling its catalog operation and a troubled discount division. He transformed many of the remaining stores, filling them with attractive specialty...
...large U.S. chains believe they can make the idea work by selling name-brand goods at paper-thin markups. K mart announced last September that it will form a joint venture with Bruno's, an Alabama-based grocery-store group, to open a national hypermarket chain. Archrival Wal-Mart, meanwhile, hopes to open 50 Hypermart USA stores during the next eight years...