Britain: Square-Toe Debacle

Britain's hardworking, high-living Charles Clore, 58, has built an empire since 1953 out of ships, manufacturing, real estate and shoes. But the cockney-born, self-made Midas turns out to have an Achilles' heel—or toe. Last week, announcing a 4% profit drop in 1962 for his huge, seven-company British Shoe Corp., Clore blamed the loss partly on what he called "the square-toe debacle."

British Shoe, said Clore, had followed what appeared to be a trend away from the pointed-toe, stiletto-heel shoe toward the lower heel and square tip that became briefly popular in the U.S....

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