Business Career
By 1924 Cummings had established a shoe shop and factory of his own by 1924, but the business foundered during the Depression, and he was forced to declare bankruptcy in 1932. He paid off his debts and started anew.
By the mid-1930s he had invested in McCormicks, a biscuit and candy company in Canada. The success of that business, which he sold to Weston in 1939, prompted an invitation to manage the Baltimore-based coffee, tea and sugar chain, C.D. Kenny Company. Cummings acquired the company in 1941. Its continued prosperity allowed him to expand his holdings to found a business empire.
Over the next decade, Cummings invested within company after company. In 1945 he established his corporate headquarters in Chicago and formed the Consolidated Grocers Corporation as a holding company. Time proclaimed him the "Duke of Groceries."
In 1954 the company name was changed to Consolidated Foods Corporation, which Cummings thought was 'less old-fashioned', and in 1985 the name Sara Lee Corporation was adopted. Sara Lee was the name of one of the company's best known brands, which Cummings had acquired in 1956.
Cummings retired from the company in 1968, but remained honorary chairman and active in company affairs until his death in 1985.
Read more about this topic: Nathan Cummings
Famous quotes containing the words business and/or career:
“The business of a seer is to see; and if he involves himself in the kind of God-eclipsing activities which make seeing impossible, he betrays the trust which his fellows have tacitly placed in him.”
—Aldous Huxley (1894–1963)
“I began my editorial career with the presidency of Mr. Adams, and my principal object was to render his administration all the assistance in my power. I flattered myself with the hope of accompanying him through [his] voyage, and of partaking in a trifling degree, of the glory of the enterprise; but he suddenly tacked about, and I could follow him no longer. I therefore waited for the first opportunity to haul down my sails.”
—William Cobbett (1762–1835)