Decline
Trouble started brewing for the chain after the death of Sam Steinberg in 1978; his laissez-faire dealings with the union and lack of a succession plan for the company began its decline. Things worsened rapidly when a power struggle developed between his daughter Mitzi, her husband Mel Dobrin, daughter Marilyn Steinberg Cobrin and daughter Evelyn Steinberg.
The Miracle Food Mart and Ultra Food & Drug stores in Ontario were sold to A&P Canada, who converted the Miracle Food Mart stores to its "A&P" and "Dominion" banners. The Ottawa locations of Steinberg's were bought by Loblaws and either converted to "Loblaws" or "Your Independent Grocer" banners or closed outright.
By the end of the 1980s, rising costs and increased competition were taking their toll, and Steinberg's was placed on the auction block for an estimated $1.5 billion. The Ontario-based Loblaws chain initially attempted to acquire Steinberg's, a move blocked by the Quebec provincial government on nationalist grounds. They arranged for the firm to be purchased by Socanav, a shipping firm with no experience in retail.
Read more about this topic: Steinberg's (supermarket)
Famous quotes containing the word decline:
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“Our achievements speak for themselves. What we have to keep track of are our failures, discouragements, and doubts. We tend to forget the past difficulties, the many false starts, and the painful groping. We see our past achievements as the end result of a clean forward thrust, and our present difficulties as signs of decline and decay.”
—Eric Hoffer (1902–1983)