3. W.T. Grant was the largest retailer in theUnited States when it caught nearly everyone by surprise by filingfor bankruptcy in 1975. W. T. Grant had been in existence since theturn of the century and had a long history of profitabilityincluding regularly paying dividends from 1906 to 1974. How is itpossible that a company can report positive net income and yet beforced to seek bankruptcy protection?
