A few years ago, I got a call from Wal-mart founder and CEO Bill Walton, who told me that he’d been watching the company closely.
It was his first full-length interview in the years since his death in 1989, and the two had an eye-opening conversation that I thought was pretty profound.
Walmart’s early history in the U.S. wasn’t exactly stellar.
It started as a shoe company in 1911, but didn’t take off until the 1930s.
In 1933, the company began manufacturing its first shoes in the town of Newburgh, New York, which became known as the hometown of the late-night “Walmart boys.”
By the mid-1940s, the shoe company was a multi-billion dollar business.
In 1947, the iconic retailer introduced the first indoor shopping experience in America, the Wal-marts.
It opened its first store in 1946 and was one of the first American companies to make an indoor store-within-a-store experience popular with the general public.
The company expanded into a range of products, including jeans, shirts, shoes, and other apparel, as well as clothing.
By the 1950s, Wal-Marts had become the largest retailer in the world.
By 1964, it had become a full-service department store.
And in the 1970s, it launched its own clothing brand, the “Wal-Mart Pantry.”
But Wal-mans dominance over the U:States, however, would prove to be the last big thing to really change.
The late-1950s were a difficult time for the company.
As the war was winding down, the stock price of the company crashed to its lowest point in history, dropping from $20 to $4.40 a share.
By 1970, the firm was losing more than half its market value per year.
The economy was in a tailspin, and Wal-merts popularity had taken a dive.
As a result, it began to hemorrhage cash.
After a failed attempt to rebrand itself in 1970, Walmart was sold to Kroger for $4 billion in 1985.
By 1993, it was the biggest private company in the country.
It closed its last stores in 1999, when it announced plans to sell off all its assets.
In the following years, it laid off a whopping 50,000 workers, and in 2006, the U., for the first time, began the process of shutting down its biggest retail locations in the United States.
A few years later, in 2014, the retailer announced plans for a massive restructuring.
With $20 billion in debt, WalMart was looking to restructure itself into a more diversified, cost-effective and cost-efficient retailing company.
With the new plan in mind, the business began to plan the sale of its iconic Wal-mens stores and other brands.
As part of the plan, Walmarts board of directors approved the sale to Krofft & Meyers, a hedge fund that had been working to diversify the company to a more profitable and sustainable business model.
That meant that the company would get rid of more than 80% of its assets, including its flagship stores and some of its other assets like the company logo and the company name.
But there were a few sticking points.
Krofft, a boutique hedge fund, owned a majority stake in the company and would still be the controlling shareholder.
And the company had a history of selling off assets that it didn’t need, like its flagship store in Newburgh.
And Kroffts plan didn’t include a detailed plan to restructuring Walmams stores, which is what many were concerned about.
In August of 2016, a coalition of retailers, including Whole Foods, Walgreens, and Gap, signed a letter to Walmart CEO Doug McMillon in which they called for the chain to make a plan to sell the brands that they loved.
The letter called for a restructuring plan to “restructure the business into a new business model that is more competitive and less reliant on the loyalty and goodwill of its existing customers.”
As part the plan that Walmains board of staff approved in February of 2017, Kroffs restructuring plan included a plan for the sale or liquidation of nearly all of the brand’s assets, but there were still a few issues.
For example, the plan called for Walmalls new “GAP” store to be closed by December of 2021.
That means the store would be closed for a full year and its employees would be laid off.
The plan also called for Kroffson to close its retail stores in a number of states, including North Carolina, Texas, and Florida.
Krosers plans were also going to leave some of the iconic Walmands iconic store, including the iconic “Walmarts” store, in limbo.
In October of 2017 alone, the chain sold off more than 150 stores in the last