Bill Crutchfield, Founder and CEO, Crutchfield Corporation sent the following letter to its customers.
Dear Valued Customer,
The international financial crisis is weighing heavily on all of us. As consumers, one factor that we all need to consider is the stability of the companies with whom we do business. In the current economic climate, many retailers will stumble and some will even fail. For that reason, I personally want to explain Crutchfield’s unique situation.
For many years, I have been concerned about the growing credit bubble. It was obvious to me that it was unsustainable and that an inevitable day of reckoning would come. To protect our customers, our employees, and my family from the disastrous consequences of a financial meltdown, I positioned Crutchfield to withstand the worst. We became very frugal with how we spent money. We did not pay outlandish executive salaries and bonuses. We did not build fancy facilities. We did not expand our retail store operations. And we did not buy other companies. Instead, we worked extremely hard to improve how we serve our customers, while we managed every aspect of our business with excellence. Furthermore, we paid off all of our debt and accumulated cash reserves.
When shopping in times like these, you need to be certain that the retailer will be around to provide you with years of after-the-sale support. We know that you expect guarantees, warranties and promises of lifetime product support to be kept when you purchase with us – and I have positioned our company to deliver without compromise on all of these important elements. As retailers go, Crutchfield is a “Rock of Gibraltar.” We have no debt, a perfect credit rating and a legacy of fiscal prudence. Therefore, we will be around to serve you as we have served millions of customers for the past 34 years and throughout the last four recessions.
Purchasing from Crutchfield today means you are choosing a company that will help you use and enjoy your purchase now and in the future. I hope that you’ll give Crutchfield a chance to exceed your expectations. I thank you for your time and, most importantly, for doing business with Crutchfield.
Founder and CEO, Crutchfield Corporation