Recession Winners and Losers
Chris Hapeshis and his wife Myroulla work in his shoe repair shop on November 27, 2008 in London. Chris took over the shop from his father in 1980. Customers bring their shoes from all parts of London for repairs. Customers are increasingly repairing shoes rather than discarding them. [Source: Tiscali]
In the pits. The Big Three automakers may all lose money on U.S. operations in 1991. FORTUNE expects new car and light truck sales of 13.5 million, down from an already low 13.8 million in 1990. According to Paine Webber analyst Ann Knight, General Motors is ''hemorrhaging in North America'' and will see total earnings fall 23% from 1990, to $696 million, excluding a $2.1 billion after-tax restructuring charge taken this fall. Ford Motor's earnings will plunge 55%, to $554 million. Adds Knight: ''Relative to the competition, Ford's product has gotten long in the tooth, and its pricing and market share will be under pressure.'' She projects Chrysler will more than double its losses to $12 million in 1991. Just as the Big Three were announcing a round of shutdowns in November, Toyota Motor made public a plan to nearly double capacity at its Kentucky plant.
Plus ça change, as they say in French.
Click on image to enlarge
