Abstract
Prior to opening a retail men's clothing store, William Page and James Joyce had been good friends for fifteen years. This friendship had been the result of a chance meeting at a clothing manufacturer's fair. As a Tennett Company manufacturer's representative, Joyce had impressed Page and sold him a new line of suits and overcoats for the Ohio Clothing Store of Youngstown, Ohio. This friendship evolved into a working relationship. | Over the years, Bill Page had worked as a manufacturer's representative for the three largest men's clothing manufacturers in the United States and Canada. After traveling for twelve years, he settled down and opened a small retailing store in a shopping center in Youngstown, Ohio. His business was successful for two years but then began to slowly lose its share of the market due to competitive disadvantages. Cash shortages and inability to horror/ large sums of money due to a lack of collateral impacted both his cash and inventory position. After two years of business, he liquidated the firm at a nominal profit of $36,000.