Vornado liquidating trust

6854933580_2c8b688306_z

Before long, however, security analysts were characterizing the acquisition as a serious drag on profits.

Food Giant, still under its old management, instituted discounting but alienated shoppers by shortening hours and eliminating trading stamps.

Leased departments now accounted for only 5 percent of sales.

Vornado maintained a fleet of almost 200 trailers and trucks and had in-house advertising, service, and construction departments.

In addition the company had purchased 12 Disco Fair stores in California from Beck Industries Inc.

and also owned a bakery and a dairy-products company.

This was the first in a discount chain named Two Guys From Harrison, which originally sold major appliances, later adding other appliances and housewares.The Food Giant chain was disposed of piecemeal in 19, but this failed to stem a steady decline in profits.In fiscal 1977 Vornado earned only 5,000 on sales of 6.5 million.Two Guys From Harrison was operating, through subsidiaries, 16 discount stores--14 of them in northern New Jersey--when it went public as Two Guys from Harrison, Inc. Incorporated in 1941, Sutton was in 1954 manufacturing Vornado electric fans and room air conditions, fuel tanks for the Air Force, and air conditioners under the Westinghouse, Hotpoint, and Kelvinator trade names in Wichita, Kansas.in 1957, offering one-fourth of its common stock at a share. Auto air conditioners and dehumidifiers were later added to its products.Sales grew from .8 million in fiscal 1952 (the year ended August 31, 1952) to million in fiscal 1957.

You must have an account to comment. Please register or login here!