Word: coop
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Current troubles notwithstanding, 1970's rebate slashing was unprecedented. The year also marked the first time Coop officials in the 1970s remember facing serious financial difficulties...
...Coop announced that it would be cutting rates to 3 and 1 percent respectively, the lowest rebates in recent years...
...Coop's management gave several reasons for the reduction. The store experienced a 40 percent increase in shoplifting during the 1969-70 academic year. Coop security guards apprehended an average of one-and-a-half shoplifters per day that year, The Crimson reported...
...addition, the Coop faced both a business depression and increases in wages. The $30,000 cost to revise the Coop's bylaws and to hold the first annual elections for student directors added to its financial difficulties...
Brown cited other reasons for the Coop's precarious 1970 financial position--including internal pilferage, new charging policies, the cost of expansion and "parking difficulties" outside the building...