Bernard Marcus

  b. 1929 | American entrepreneur

At The Bottom

— 1978

At the age of 50, Bernie Marcus was unemployed and nearly broke.

Bernie Marcus had just been fired by a man whose nickname was “Ming the Merciless.” The 50-year old son of Russian immigrants, Marcus had scratched his way through school and — after working a few years as a pharmacist — found that he liked the idea of running a store more than he enjoyed working in one.  By the late 1970s, he had worked his way to the top of a Los Angeles-based discount hardware chain called Handy Dan, where he served as president and CEO.   Handy Dan was doing well and earning excellent profits.  Unfortunately for Marcus, Handy Dan was owned by a parent company, Daylin, whose top executive was rumored to be worried that Bernard Marcus might one day succeed him.  So while Handy Dan was the only division of Daylin that was turning out impressive profits, “Ming the Merciless” reminded everyone of why he had earned the nickname in the first place.  On a Friday afternoon, he fired the top three executives at Handy Dan.  For good measure, he told the press that Marcus and the others had been guilty of labor law violations — allegations that turned out to be without merit.  Now at the age of 50, Bernie Marcus was unemployed and nearly broke.