Retail Industry
Industry: Email Alert RSS FeedRUNNING FOR COVER; WITH AN UNCERTAIN ECONOMY AND A PRESIDENTIAL RACE THAT WOULDN'T END, COMPANIES PLAYED IT SAFE BY SLASHING BUDGETS AND REDUCING OPERATIONS.(retail market information)(Brief Article)
Footwear News, December, 2000 by Lenetz, Dana
The year 2000 was the financial equivalent of the Chicken Little story, with a slightly different ending. Month after month, media mouths and analysts predicted the sky -- and floor -- would fall as the stock market peaked to extreme highs. Ultimately, stocks took a downward spiral, spurred in part by a vacancy in the White House. Consumer spending ebbed and flowed as well, with many retailers reporting weaker-than-expected comps and dampened holiday sales.
Several footwear companies took a slim-and-trim approach this year, paring down their executive infrastructures, shutting down factories or liquidating entirely. Firms such as Pickerington, Ohio,-based R.G. Barry Corp. cited the need to streamline business and slash operating costs as reasons for the...
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