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Essay / Research Paper Abstract
A 10 page paper discussing conditions in the late 1980s. The company had been through some trying times, but senior management appeared to finally have a hand on the business as the decade of the 1980s entered its latter years. Senior management had little opportunity to see their short-term plans and long-range visions come to fruition, however, as corporate raider Asher Edelman accomplished a hostile takeover in 1987, just as changes implemented under the leadership of Thomas J. Russo were building momentum. Edelman had no food service experience yet proceeded to fire a third of the corporate staff. Poor management and a changing market threatened the company's survival. Bibliography lists 17 sources.
Page Count:
10 pages (~225 words per page)
File: CC6_KSponder.doc
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Unformatted sample text from the term paper:
some trying times, but senior management appeared to finally have a hand on the business as the decade of the 1980s entered its latter years. Senior management had little
opportunity to see their short-term plans and long-range visions come to fruition, however, as corporate raider Asher Edelman accomplished a hostile takeover in 1987, just as changes implemented under the
leadership of Thomas J. Russo were building momentum (Bernstein, 1988). Internal Analysis Industry observers were
harsh in their assessment of Edelmans intentions: "Ponderosa apparently was just a financial toy in Edelmans growing network of unrelated companies" (Bernstein, 1988; p. F3). Time did nothing to
heal the wounds perceived by Bernstein (1988, 1989) as he editorialized for Nations Restaurant News, for a year later he wrote: "We thought it was a travesty when Asher
Edelman acquired Ponderosa in early 1987. For Edelman it simply meant adding another trophy to his house of investments and subsidiaries. For Ponderosa it meant the end of
a dream in which president Thomas J. Russo had apparently turned around the previously problem-ridden family steak-house chain" (Bernstein, 1989; p. F3). Edelman,
owner of many businesses but without a shred of experience in or knowledge of any form of food service (Bernstein, 1989) headed Ponderosa for only a single year but managed
to fire fully 30 percent of the companys corporate management personnel. The company had had difficulties in the early 1980s, and those in place had effected sound and workable
plans for increasing sales, revenues and competitive advantage. When Edelman bought the company for $235 million in 1987, those plans had begun to have effect. Without the management
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