Word: closeouts
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Dates: during 1990-1990
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...down costs at the stores, which are typically low-rent, warehouse-like places with cement floors. Aside from a single manager per store, all employees are part time; many are recruited from the ranks of loyal customers, tempted by the 20% employee discount. The company stocks its shelves with closeout lines acquired at a fraction of their original price. Typical offerings range from Waterford crystal frames ($24.99 ) to Fendi mufflers ($19.99) to Spode china...
Wall was facing a deadline. On Dec. 31, the enormously generous tax benefits that could attract new investors would expire. So he mounted a closeout sale, adding profit guarantees and other subsidies for all comers. The big-money boys came running. In just four months, his agency unloaded some 114 shattered thrifts -- 71 in December alone -- at a cost to taxpayers calculated at nearly $70 billion...