Fasteners for Retail

558 Words3 Pages
Fasteners for Retail In summary the case fasteners for retail is a case about a company founded by Gerry Conway in 1962 as Gerry and associates and later renamed fasteners for retail the company was a provider for global retail chain after the company was renamed they focused mainly on display accessories and fasteners within the point of purchase industry and it was being very successful with sales doubling every 5 years since 1980. Their products included the signs, displays, devices, & structures that are used to merchandise services or products in retail stores. The company had two main products, which were the shipflat literature holder and the super grip sign holder. The shipflat literature holder was unique because it shipped flat and was set up at the point of use eliminating breakage, reduced inventory and shipping costs. This product was the reason for the alliance between the company and Citibank, which enhanced the company’s credibility and market share. The product became the company’s top seller. The supergrip sign holder that was developed with a Canadian partner (later bought out), The product was patented and accounted for 20% of the company’s sales. Gerry (CEO) married Marty who served as the chief trust officer and the one the kept the family together. They had 7 sons and only 3 worked in the company. Kevin who left because of health problems, Neil who worked on the warehouse and Paul who was in multiple positions and left to be a teacher. Gerry transferred non-voting stock to his sons and left the voting power for him and his wife. Their succession plan was to make Paul (chosen son) the CEO of the company but he left. Gerry’s personal problem was that he had no longer a successor to take over the company, didn’t had a retirement plan and hadn’t saved enough money to retire, and the company was planning to expand taking all liquid cash

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