Raymond Edward Kassar (January 2, 1928 – December 10, 2017) was president , and later CEO , of Atari Inc. from 1978 to 1983. He had previously been executive vice-president of Burlington Industries , the world's largest textile company at the time, and president of its Burlington House division.
73-534: Ray Kassar began working for Burlington Industries in 1948 and later became the executive vice-president of the company, it was the world's largest textile company at the time, and president of its Burlington House division. A member of the Board of Directors, Kassar had spent 26 years at Burlington. He left the company to start his own textile company that manufactured cotton shirts in Egypt and marketed them under
146-405: A bank or credit union that may have a deal set up with either a full-service or discount broker. There are other ways of buying stock besides through a broker. One way is directly from the company itself. If at least one share is owned, most companies will allow the purchase of shares directly from the company through their investor relations departments. However, the initial share of stock in
219-551: A brand name. ITG transformed into Elevate Textiles (a component of Platinum Equity ) in January 2019, remaining the parent corporation of Burlington. In 1955, Burlington Industries helped to fund the North Carolina State University reactor program . This was the first fission reactor built only to apply nuclear fission in peacetime for educational purposes. Because of their funding, the building
292-471: A stock certificate . A stock certificate is a legal document that specifies the number of shares owned by the shareholder , and other specifics of the shares, such as the par value, if any, or the class of the shares. In the United Kingdom , Republic of Ireland , South Africa , and Australia , stock can also refer, less commonly, to all kinds of marketable securities . Stock typically takes
365-401: A stockbroker who buys and sells shares of a wide range of companies on such exchanges. A company may list its shares on an exchange by meeting and maintaining the listing requirements of a particular stock exchange. Many large non-U.S companies choose to list on a U.S. exchange as well as an exchange in their home country in order to broaden their investor base. These companies must maintain
438-472: A block of shares at a bank in the US, typically a certain percentage of their capital. On this basis, the holding bank establishes American depositary shares and issues an American depositary receipt (ADR) for each share a trader acquires. Likewise, many large U.S. companies list their shares at foreign exchanges to raise capital abroad. Small companies that do not qualify and cannot meet the listing requirements of
511-426: A buyer. Most trades are actually done through brokers listed with a stock exchange. There are many different brokerage firms from which to choose, such as full service brokers or discount brokers. The full service brokers usually charge more per trade, but give investment advice or more personal service; the discount brokers offer little or no investment advice but charge less for trades. Another type of broker would be
584-401: A company to be listed are minimal. Shares of companies in bankruptcy proceedings are usually listed by these quotation services after the stock is delisted from an exchange. There are various methods of buying and financing stocks, the most common being through a stockbroker . Brokerage firms, whether they are a full-service or discount broker, arrange the transfer of stock from a seller to
657-415: A couple of aspects. They issued shares called partes (for large cooperatives) and particulae which were small shares that acted like today's over-the-counter shares. Polybius mentions that "almost every citizen" participated in the government leases. There is also evidence that the price of stocks fluctuated. The Roman orator Cicero speaks of partes illo tempore carissimae , which means "shares that had
730-507: A few unusual cases, some courts have been willing to imply such a duty between shareholders. For example, in California , United States , majority shareholders of closely held corporations have a duty not to destroy the value of the shares held by minority shareholders. The largest shareholders (in terms of percentages of companies owned) are often mutual funds, and, especially, passively managed exchange-traded funds . The owners of
803-406: A non-equity interest in a non-profit organization . Thus it might be common to call volunteer contributors to an association stakeholders, even though they are not shareholders. Although directors and officers of a company are bound by fiduciary duties to act in the best interest of the shareholders, the shareholders themselves normally do not have such duties towards each other. However, in
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#1732790297724876-400: A number of different conditions are met. A stock derivative is any financial instrument for which the underlying asset is the price of an equity. Futures and options are the main types of derivatives on stocks. The underlying security may be a stock index or an individual firm's stock, e.g. single-stock futures . Stock futures are contracts where the buyer is long , i.e., takes on
949-423: A number of reasons may induce an investor to sell at a loss, e.g., to avoid further loss. As with buying a stock, there is a transaction fee for the broker's efforts in arranging the transfer of stock from a seller to a buyer. This fee can be high or low depending on which type of brokerage, full service or discount, handles the transaction. After the transaction has been made, the seller is then entitled to all of
1022-430: A percentage of the stock has the ownership of the corporation proportional to their share. The shares form a stock; the stock of a corporation is partitioned into shares , the total of which are stated at the time of business formation. Additional shares may subsequently be authorized by the existing shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared par value , which
1095-421: A private company may want additional capital to invest in new projects within the company. They may also simply wish to reduce their holding, freeing up capital for their own private use. They can achieve these goals by selling shares in the company to the general public, through a sale on a stock exchange . This process is called an initial public offering , or IPO. By selling shares they can sell part or all of
1168-787: A very high price at that time". This implies a fluctuation of price and stock market behavior in Rome. Around 1250 in France at Toulouse , 100 shares of the Société des Moulins du Bazacle , or Bazacle Milling Company were traded at a value that depended on the profitability of the mills the society owned. In 1288, the Bishop of Västerås acquired a 12.5% interest in Great Copper Mountain (Stora Kopparberget in Swedish) which contained
1241-865: Is a diversified American fabric maker based in Greensboro, North Carolina . Founded by J. Spencer Love in Burlington, North Carolina in 1923, the company has operations in the United States, Mexico, and India and a global manufacturing and product development network based in Hong Kong with over 8,000 employees on several sites in the United States, Canada and worldwide. The company entered Chapter 11 bankruptcy protection in December 2001. Its assets were acquired by International Textile Group (ITG) out of bankruptcy in late 2003. Its carpet division
1314-442: Is a nominal accounting value used to represent the equity on the balance sheet of the corporation. In other jurisdictions, however, shares of stock may be issued without associated par value. Shares represent a fraction of ownership in a business. A business may declare different types (or classes) of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of
1387-399: Is an individual or company (including a corporation ) that legally owns one or more shares of stock in a joint stock company . Both private and public traded companies have shareholders. Shareholders are granted special privileges depending on the class of stock, including the right to vote on matters such as elections to the board of directors , the right to share in distributions of
1460-407: Is currently in the buyer's ownership, or by buying stock on margin . Buying stock on margin means buying stock with money borrowed against the value of stocks in the same account. These stocks, or collateral , guarantee that the buyer can repay the loan ; otherwise, the stockbroker has the right to sell the stock (collateral) to repay the borrowed money. He can sell if the share price drops below
1533-407: Is divided. A single share of the stock means fractional ownership of the corporation in proportion to the total number of shares. This typically entitles the shareholder (stockholder) to that fraction of the company's earnings, proceeds from liquidation of assets (after discharge of all senior claims such as secured and unsecured debt ), or voting power , often dividing these up in proportion to
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#17327902977241606-454: Is important in areas such as insurance, which must be in the name of the company and not the main shareholder. In most countries, boards of directors and company managers have a fiduciary responsibility to run the company in the interests of its stockholders. Nonetheless, as Martin Whitman writes: Even though the board of directors runs the company, the shareholder has some impact on
1679-476: Is impractical to have all of them making the daily decisions required to run a company. Thus, the shareholders will use their shares as votes in the election of members of the board of directors of the company. In a typical case, each share constitutes one vote. Corporations may, however, issue different classes of shares, which may have different voting rights. Owning the majority of the shares allows other shareholders to be out-voted – effective control rests with
1752-557: Is named Burlington Engineering Laboratories in honor of the company. In 1998, the Supreme Court ruled in Burlington Industries, Inc. v. Ellerth that employers were responsible if a supervisor creates a hostile work environment for an employee. Stock Stocks (also capital stock , or sometimes interchangeably, shares ) consist of all the shares by which ownership of a corporation or company
1825-504: Is preferred stock that includes the ability of the holder to convert the preferred shares into a fixed number of common shares, usually any time after a predetermined date. Shares of such stock are called "convertible preferred shares" (or "convertible preference shares" in the UK). New equity issue may have specific legal clauses attached that differentiate them from previous issues of the issuer. Some shares of common stock may be issued without
1898-424: Is significantly correlated to the market value of a stock. Stock price may be influenced by analysts' business forecast for the company and outlooks for the company's general market segment. Stocks can also fluctuate greatly due to pump and dump scams (also see List of S&P 600 companies ) . At any given moment, an equity's price is strictly a result of supply and demand. The supply, commonly referred to as
1971-438: The float , is the number of shares offered for sale at any one moment. The demand is the number of shares investors wish to buy at exactly that same time. The price of the stock moves in order to achieve and maintain equilibrium . The product of this instantaneous price and the float at any one time is the market capitalization of the entity offering the equity at that point in time. When prospective buyers outnumber sellers,
2044-602: The Falun Mine . The Swedish mining and forestry products company Stora has documented a stock transfer, in 1288 in exchange for an estate. The earliest recognized joint-stock company in modern times was the English (later British) East India Company . It was granted an English Royal Charter by Elizabeth I on 31 December 1600, with the intention of favouring trade privileges in India . The Royal Charter effectively gave
2117-435: The margin requirement , at least 50% of the value of the stocks in the account. Buying on margin works the same way as borrowing money to buy a car or a house, using a car or house as collateral. Moreover, borrowing is not free; the broker usually charges 8–10% interest. Selling stock is procedurally similar to buying stock. Generally, the investor wants to buy low and sell high, if not in that order ( short selling ); although
2190-495: The "Kassar" label. Ray Kassar was hired in February 1978 as president of Atari's consumer division by Warner Communications , who at the time owned Atari. By this time, rifts had begun to develop between the original Atari Inc. staff (most of whom had engineering backgrounds) and the new hires brought in by Warner (who, like Kassar, mostly had business backgrounds). In November 1978, when Atari Inc. co-founder Nolan Bushnell
2263-541: The "sock king" and the "towel czar" (due to his previous years in the textile industry) after he once referred to Atari programmers as "high-strung prima donnas " in an interview with the San Jose Mercury News in 1979. During the Kassar years, Atari Inc.'s sales grew from $ 75 million in 1977 to over $ 2.2 billion just three years later. Though Atari enjoyed some of its greatest success during this period,
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2336-416: The United States government. About 4,000 male employees served in the war and were replaced by female workers. Following the war the company diversified its operations, offering cotton and nylon commercial products, and it rapidly expanded. It also invested $ 50 million in revamping and expanding its facilities. In 1952 it became the first textile corporation to create a television advertisement. By then it
2409-467: The board of the directors themselves, and a considerable amount of stock is held or voted by insiders. Owning shares does not mean responsibility for liabilities. If a company goes broke and has to default on loans, the shareholders are not liable in any way. However, all money obtained by converting assets into cash will be used to repay loans and other debts first, so that shareholders cannot receive any money unless and until creditors have been paid (often
2482-461: The company came under new management. In 1970 the company opened a new headquarters building in Greensboro, designed by Odell Associates . In the late 1970s and early 1980s Burlington Industries reinvested 85 percent of its revenue ($ 1.5 billion) in new equipment. By the end of the 1980s it retained 26,000 workers while mostly producing yarns, apparel fabrics, carpet, and upholstery. In 1987
2555-726: The company drops the "A" creating ticker OODH for its "Common" shares only designation. This extra letter does not mean that any exclusive rights exist for the shareholders but it does let investors know that the shares are considered for such, however, these rights or privileges may change based on the decisions made by the underlying company. " Rule 144 Stock" is an American term given to shares of stock subject to SEC Rule 144: Selling Restricted and Control Securities. Under Rule 144, restricted and controlled securities are acquired in unregistered form. Investors either purchase or take ownership of these securities through private sales (or other means such as via ESOPs or in exchange for seed money) from
2628-432: The company to many part-owners. The purchase of one share entitles the owner of that share to literally share in the ownership of the company, a fraction of the decision-making power, and potentially a fraction of the profits, which the company may issue as dividends . The owner may also inherit debt and even litigation . In the common case of a publicly traded corporation, where there may be thousands of shareholders, it
2701-793: The company was threatened with a hostile takeover from a Canadian textile corporation and a New York investor, borrowing $ 2.4 billion to stop it. As a result, the company was briefly privatized before relisting on the New York Stock Exchange in 1992. The company experienced financial losses in the 1990s largely due to increased competition from cheaper foreign imports. It laid off employees and filed for Chapter 11 bankruptcy on November 15, 2001 with $ 800 million in outstanding debts. It subsequently closed seven facilities and terminated 6,650 positions. Private equity firm WL Ross & Co acquired Burlington's assets in 2003 for $ 614.1 million and Wilbur Ross appointed himself chairman of
2774-444: The company will have to be obtained through a regular stock broker. Another way to buy stock in companies is through Direct Public Offerings which are usually sold by the company itself. A direct public offering is an initial public offering in which the stock is purchased directly from the company, usually without the aid of brokers. When it comes to financing a purchase of stocks there are two ways: purchasing stock with money that
2847-418: The company's income, the right to purchase new shares issued by the company, and the right to a company's assets during a liquidation of the company. However, shareholder's rights to a company's assets are subordinate to the rights of the company's creditors. Shareholders are one type of stakeholders , who may include anyone who has a direct or indirect equity interest in the business entity or someone with
2920-470: The company's policy, as the shareholders elect the board of directors. Each shareholder typically has a percentage of votes equal to the percentage of shares he or she owns. So as long as the shareholders agree that the management (agent) are performing poorly they can select a new board of directors which can then hire a new management team. In practice, however, genuinely contested board elections are rare. Board candidates are usually nominated by insiders or by
2993-764: The company. As part of the restructuring, Burlington's carpet division was sold to Mohawk Industries for $ 352 million. The following year Ross merged Burlington with the Cone Mills Corporation to form the International Textile Group (ITG). Staff vacated the Burlington headquarters in November of that year and were merged with the other textile company staffs. The headquarters was imploded in May 2005. ITG retained "Burlington" as
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3066-480: The first ever third party developer . In 1981, the highly popular and successful game Yars' Revenge was released for the Atari 2600 . Howard Scott Warshaw , the game's designer, got the names "Yar" and "Razak" by jokingly spelling "Ray Kassar" backwards. Warshaw claimed that the game was "Ray's revenge on Activision ". In 1982, Kassar donated a sum of money to Brown University , his alma mater . In recognition,
3139-655: The following days. The Securities and Exchange Commission accused Kassar and then Atari Inc. vice-president Dennis Groth of trading stock with illegal insider knowledge . Kassar settled, returning his profits without acknowledging guilt or innocence. The shares that Kassar sold actually constituted only a small amount of his total holdings in the company, and the SEC later cleared him of any wrongdoing. Upon Ray Kassar's resignation, James J. Morgan , formerly of Philip Morris , replaced him as CEO of Atari Inc. in September 1983. He
3212-439: The form of shares of either common stock or preferred stock . As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions. Preferred stock differs from common stock in that it typically does not carry voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders. Convertible preferred stock
3285-737: The future at a fixed price. Thus, the value of a stock option changes in reaction to the underlying stock of which it is a derivative . The most popular method of valuing stock options is the Black–Scholes model . Apart from call options granted to employees , most stock options are transferable. During the Roman Republic , the state contracted (leased) out many of its services to private companies. These government contractors were called publicani , or societas publicanorum as individual companies. These companies were similar to modern corporations, or joint-stock companies more specifically, in
3358-465: The issuing company (as in the case with Restricted Securities) or from an affiliate of the issuer (as in the case with Control Securities). Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock. These individuals will only be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Rule 144. Rule 144 allows public re-sale of restricted securities if
3431-443: The larger economy. As new shares are issued by a company, the ownership and rights of existing shareholders are diluted in return for cash to sustain or grow the business. Companies can also buy back stock , which often lets investors recoup the initial investment plus capital gains from subsequent rises in stock price. Stock options issued by many companies as part of employee compensation do not represent ownership, but represent
3504-615: The largest rayon-weaving operation in the United States. That year he moved his corporate headquarters to Greensboro . By 1936 he owned 22 factories in 9 locales. The following year he unified the plants as the Burlington Mills Corporation and had it listed on the New York Stock Exchange . Burlington Mills exclusively produced rayon until 1938 when it began making hosiery . During World War II Burlington Mills sold nylon parachute cloth to
3577-435: The major exchanges may be traded over-the-counter (OTC) by an off-exchange mechanism in which trading occurs directly between parties. The major OTC markets in the United States are the electronic quotation systems OTC Bulletin Board (OTCBB) and OTC Markets Group (formerly known as Pink OTC Markets Inc.) where individual retail investors are also represented by a brokerage firm and the quotation service's requirements for
3650-442: The majority shareholder (or shareholders acting in concert). In this way the original owners of the company often still have control of the company. Although ownership of 50% of shares does result in 50% ownership of a company, it does not give the shareholder the right to use a company's building, equipment, materials, or other property. This is because the company is considered a legal person, thus it owns all its assets itself. This
3723-512: The market, the price of a stock is sensitive to demand. However, there are many factors that influence the demand for a particular stock. The fields of fundamental analysis and technical analysis attempt to understand market conditions that lead to price changes, or even predict future price levels. A recent study shows that customer satisfaction, as measured by the American Customer Satisfaction Index (ACSI),
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#17327902977243796-648: The mill's fabric for manufacture shortly after it had been introduced to the Southern market. Love had a second mill built in 1928 and opened a sales office in New York City the following year. During the Great Depression demand for rayon dramatically increased as it was a cheaper substitute for silk . Love acquired faltering textile mills across central North Carolina and fitted them with new looms that could process rayon. By 1935 Love operated
3869-454: The money. An important part of selling is keeping track of the earnings. Importantly, on selling the stock, in jurisdictions that have them, capital gains taxes will have to be paid on the additional proceeds, if any, that are in excess of the cost basis. Short selling consists of an investor immediately selling borrowed shares and then buying them back when their price has gone down (called "covering"). Essentially, such an investor bets that
3942-544: The most important camera artists of the time, including Alfred Stieglitz , Edward Steichen , Heinrich Kuehn , George Seeley and Clarence H. White . Portions of the collection have been lent on only two other occasions, in 1994 to the J. Paul Getty Museum in Los Angeles and in 2012 to the Neue Galerie New York . Burlington Industries Burlington Industries, formerly Burlington Mills ,
4015-542: The most notable turnovers was when four programmers were unsatisfied with their paychecks. They felt they were making a very paltry salary for someone who actually designed the games that made the company millions of dollars. They wanted a small commission, but when they asked Kassar about that, David Crane recalls that Kassar responded, "You are no more important to that game than the guy on the assembly line who puts it together." Crane and three others resigned from Atari and formed their own company: Activision , which became
4088-685: The newly created Honourable East India Company (HEIC) a 15-year monopoly on all trade in the East Indies . Soon afterwards, in 1602, the Dutch East India Company issued the first shares that were made tradeable on the Amsterdam Stock Exchange . Between 1602 and 1796 it traded 2.5 million tons of cargo with Asia on 4,785 ships and sent a million Europeans to work in Asia. A shareholder (or stockholder )
4161-511: The number of like shares each stockholder owns. Not all stock is necessarily equal, as certain classes of stock may be issued, for example, without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of shareholders. Stock can be bought and sold privately or on stock exchanges . Transactions of the former are closely overseen by governments and regulatory bodies to prevent fraud, protect investors, and benefit
4234-399: The obligation to buy on the contract maturity date, and the seller is short , i.e., takes on the obligation to sell. Stock index futures are generally delivered by cash settlement. A stock option is a class of option. Specifically, a call option is the right ( not obligation) to buy stock in the future at a fixed price and a put option is the right ( not obligation) to sell stock in
4307-437: The payment of dividends over common stock and also have been given preference at the time of liquidation over common stock. They have other features of accumulation in dividend. In addition, preferred stock usually comes with a letter designation at the end of the security; for example, Berkshire-Hathaway Class "B" shares sell under stock ticker BRK.B, whereas Class "A" shares of ORION DHC, Inc will sell under ticker OODHA until
4380-444: The price of the shares will drop so that they can be bought back at the lower price and thus returned to the lender at a profit. The risks of short selling stock are usually higher than those of buying stock. This is because the loss can theoretically be unlimited since the stock's value can theoretically go up indefinitely. The price of a stock fluctuates fundamentally due to the theory of supply and demand . Like all commodities in
4453-401: The right to buy ownership at a future time at a specified price. This would represent a windfall to the employees if the option were exercised when the market price is higher than the promised price, since if they immediately sold the stock they would keep the difference (minus taxes). Stock bought and sold in private markets fall within the private equity realm of finance. A person who owns
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#17327902977244526-526: The sale of the Gastonia plant, as well as selling an additional $ 200,000 worth of stock to local residents. In early 1924 Love began construction on the Pioneer Plant and a mill village of 70 houses known as Piedmont Heights. The mill opened with about 200 workers. The operation initially produced cotton products without much success, but the company's situation improved once Love adopted rayon as
4599-420: The shareholders end up with nothing). Financing a company through the sale of stock in a company is known as equity financing. Alternatively, debt financing (for example issuing bonds ) can be done to avoid giving up shares of ownership of the company. Unofficial financing known as trade financing usually provides the major part of a company's working capital (day-to-day operational needs). In general,
4672-524: The shares of a company may be transferred from shareholders to other parties by sale or other mechanisms, unless prohibited. Most jurisdictions have established laws and regulations governing such transfers, particularly if the issuer is a publicly traded entity. The desire of stockholders to trade their shares has led to the establishment of stock exchanges , organizations which provide marketplaces for trading shares and other derivatives and financial products. Today, stock traders are usually represented by
4745-422: The stifling atmosphere and lack of royalties or recognition to the individual game designers angered employees, many of whom quit. During this period, nearly all members of the original Atari Inc. staff, including Al Alcorn , quit or were fired. Atari Inc.'s upper management also suffered severe turnover rates. Many blamed Ray Kassar's autocratic management style, but Kassar was not held accountable. One of
4818-476: The time. The game was not only poorly received and sold poorly, but demand had been widely overestimated. In July 1983, Kassar was fired due to continuing massive losses at Atari. In December 1982, Kassar had sold 5,000 shares of stock in Warner Communications only 23 minutes before a much lower than expected fourth quarter earnings report would cause Warner stock to drop nearly 40% in value in
4891-417: The typical voting rights, for instance, or some shares may have special rights unique to them and issued only to certain parties. Often, new issues that have not been registered with a securities governing body may be restricted from resale for certain periods of time. Preferred stock may be hybrid by having the qualities of bonds of fixed returns and common stock voting rights. They also have preference in
4964-471: The university named a university building the "Edward W. Kassar House" after his father. The Kassar House is currently home to the university's mathematics department. Contrary to popular belief, Kassar was not responsible for the deal to make the E.T. the Extra-Terrestrial game from the blockbuster movie. Steve Ross , CEO of Atari's parent company Warner Communications , was the one who
5037-584: Was a collector and private investor and sat on the Board of the American Hospital of Paris Foundation. From December 2, 2000 until February 11, 2001 a series of photographs culled from Kassar's significant personal collection were on display at the Santa Barbara Museum of Art . The exhibition, entitled "Painterly Photographs: The Raymond E. Kassar Collection", presented 33 works made for exhibition from 1900 to 1910, featuring some of
5110-497: Was fired after a dispute with Warner over the future of Atari Inc., Kassar became CEO. Kassar's twenty-five years at Burlington Industries had given him a taste for order, organization, and efficiency and his efforts to revamp Atari along similar lines provoked substantial animosity. Atari Inc. began to promote games all year around instead of just at the Christmas season. Kassar became unaffectionately known to many at Atari Inc. as
5183-454: Was in talks with Steven Spielberg and Universal Pictures. Kassar's response to Ross's query of how he liked the idea of making an E.T. based video game was, "I think it's a dumb idea. We've never really made an action game out of a movie." Ultimately though, the decision was not Kassar's to make and it went through, and it was reported that Atari Inc. had paid US$ 20–25 million for the rights—an abnormally high figure for video game licensing at
5256-462: Was sold to Mohawk Industries and its headquarters were vacated in 2004. ITG retained Burlington as a brand and eventually became Elevate Textiles. In 1923 J. Spencer Love founded a textile corporation in Burlington, North Carolina . Love and his father brought $ 50,000 worth in machinery from a factory they had sold in Gastonia to Burlington, and also invested $ 200,000 that they had earned from
5329-408: Was the largest synthetic textile producer in the world, overseeing 73 facilities and 31,000 workers. Three years later the company was reorganized as Burlington Industries with nine different divisions. In 1961 Fortune listed Burlington Industries as the 48th largest American corporation, with sales of $ 913 million and 62,000 employees in and outside of the country. Love died the following year and
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