Word: pepsi-cola
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Shortly after he joined Loft, Mr. Guth bought control of Pepsi-Cola Co., manufacturers of a dark, sweet soft drink which was then just another of the 1,000-odd aspirants to Coca-Cola's crown. By energetic promotion, including putting Pepsi-Cola instead of Coca-Cola in the fountains of Loft's 200 stores, Pepsi-Cola was fizzed up to the point where it became a respectable competitor of Coca-Cola...
Contending that ex-President Guth had used Loft assets, facilities, personnel and credit to build up Pepsi-Cola, Loft brought suit for the 237,500 shares (91%) of Pepsi-Cola stock held by Mr. Guth and his family holding company, Grace Co. When Delaware's Court of Chancery last year agreed with Loft, Pepsi-Cola was selling at $70 a share (it is now $130). Pepsi-Cola profits were $2,700,000 in the first nine months of 1938; Loft lost $867,000 in the same period...
Happiness, Too. Last week Happiness ("In Every Box") Candy Stores joined Loft, Inc., The Mirror and Pepsi-Cola Co. in their fight against Coca-Cola Co. Happiness sought $2,250,000 in damages, bringing the total of the actions to $11,750,000. Allegations were the same ones of libel and "malicious interference" with the Pepsi-Cola contracts (TiME...
Obvious reason for the label is to show that Pepsi-Cola is not being sold deliberately as a substitute for Coca-Cola. When Coca-Cola Co. saw the label it scouted about, wrote Pepsi-Cola Co. last month that "your product ... has been and is now being substituted and passed off for Coca-Cola ... at ten Loft, six Happiness and seven Mirror stores. . . . This detection . . . entitles us to the reward . . . and we herewith . . . make demand upon you for the payment...
...suits, charging Coca-Cola has maliciously attempted to break Pepsi-Cola's contracts, to hurt Loft's business (TIME, May 16). Last week the Mirror stores (operated by Loft) joined the fray and brought suits for $1,250,000 in damages. A million dollars was asked for general interference with the Loft-Mirror-Pepsi-Cola contracts, charging that Coca-Colans had bribed Mirror employes, had attacked Mirror's stock, had interfered with customers, had stolen goods. The second suit for $250,000 was because of Coca-Cola's letter to Pepsi-Cola which, said Mirror Stores, had injured its good...