Re: What Really Happened To CT Farm Country (Central Tractor)

Posted by Ed Gooding (VA) on April 24, 2002 at 03:17:42 from (63.158.244.53):

In Reply to: What Really Happened To CT Farm Country (Central Tractor) posted by Former Corporate Employee on April 23, 2002 at 21:15:53:

Getting to be a too familiar tale. I've seen it happen at two of my clients, Best Products and Heilig-Meyers Furniture Co. Best doubled in size overnight when they bought out their #2 competitor, Modern Merchandising in MN. The problem was that, management, who had grown with Best as it left the basement of the Lewis's house and became the largest catalog showroom retailer, was now responsible for a company twice as large. They simply couldn't manage it. They had similar inventory management problems and slowly drove loyal customers away. When the doo-doo got hip deep, they buried the knife in their own gut by going out and hiring a college president to run the company, instead of a proven, corporate turn-around specialist.

Heilig-Meyers had been a successful furniture manufacturer for years, with a proven business model. They brought in a 32-year Wall St. wunderkind, who promised to make them the largest furniture retailer in the U.S. He kept his promise, and Wall St. and the stockholders were very happy (for a short while), but he accomplished it by mortgaging their future. The grim reaper caught up with them, the CEO grabbed his $8 million golden parachute and slithered out the back door while everyone else rolled over into Chapter 11. You look on the board of directors as the company is going down for the third time and, instead of hard-core, proven businessmen, you find a president of a local university and an ex-governor of Virginia. Yeah, they really knew how to run a company that big.

As long as corporate "leaders" allow greedy Wall St. money barons to dictate to them how to run their companies, and only manage from quarter to quarter to "make their numbers", we will see more of this. It's also what has led to the funky accounting practices used by Enron and many others.

fwiw........Ed
'52 8N475798

Follow Ups:

• Re: Re: What Really Happened To CT Farm Country (Central Tractor) Mike 13:18:53 04/24/02 (1)
  • Re: Re: Re: What Really Happened To CT Farm Country (Central Tractor) Jim WI 10:44:21 04/25/02 (0)
• Re: Re: What Really Happened To CT Farm Country (Central Tractor) JerryU 04:23:40 04/24/02 (0)

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