Surviving In The Market


Can Wal-mart get the magic back? In the four years since Wal-mart's founder died of bone cancer, CEO David Glass has invested billions of borrowed dollars in businesses that have earned relatively low returns. Glass, age 60, seemed to be a good choice for CEO when Sam Walton, at 69, tapped him to take over in 1988. Investors have knocked down Wal-Mart's market value by $7.7 billion since the day Sam died. Sam built it from nothing to $59.3 billion.
In the past year, key executives, particularly Sam's favorites, have left behind Wal-Mart to pursue jobs elsewhere. The biggest shocker came at the end of March when Bill Fields, Glass's heir apparent, told his boss he was quitting to ...

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about $3.3 billion, Fields is expected to make much more. Yet, Fields insists money wasn't the issue for leaving. Field's archival, Sam's Club President Dean Sanders, quit last fall. Wal-Mart's two most likely candidates for CEO are gone which puts Wal-Mart's future more in the hands of Glass.
Glass has lifted Wal-Mart's long-term debt from $1.7 billion in 1992 to $8.5 billion. Glass plans to make Wal-Mart America's largest grocer by saturating the country with "super centers," emporiums that combine a supermarket and general-merchandise store under one roof. Sam lived to see Wal-Mart open only a few super centers. But right after he died, Glass Cranked up the spending and in four years has expanded to 260 stores. They bring in about $13 billion in revenues a year. Glass intends to add more than 100 stores a year. Meanwhile, hundreds of the conventional stores are being closed: 330 are shuttered.
Glass believes that Wal-Mart's big growth opportunity is super centers. The ...

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PAPER DETAILS
Added: 3/5/2005 10:03:24 AM
Category: Biographies
Type: Premium Paper
Words: 620
Pages: 3

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