THE ACTION The volatile retail world--where today's winning formula can be tomorrow's fiasco--is forever seeking Midas figures. Bargain Harolds gave Dean Muncaster a chance to reprise that role from his days at Canadian Tire.
EARNED HIS STRIPES As a makeover specialist. Muncaster was appointed president and CEO of Canadian Tire in 1966. During his 19-year reign, he turned the company into a cross-country neighbourhood fixture by broadening its low-end customer base. Canadian Tire grew from a $100-million-a-year business into a $2-billion industry leader.
BUT THEN In 1982, Canadian Tire ventured into the U.S., acquiring home-and-auto retailer White Stores Inc. Alas, White Stores turned out to mean red ink: $250 million by the time it was sold off in 1986. The Canadian Tire board ousted a surprised Muncaster minutes before the annual meeting in 1985.
COMEBACK KID In 1990, Muncaster led a consortium that bought Bargain Harolds, a faltering Toronto-based discount chain with 160 stores in Manitoba, Ontario and Atlantic Canada. The goal of this venture was to revamp Bargain Harolds' tacky outlets by introducing an uncluttered, modern look as well as improved technology to better track inventory. Twenty new stores were planned.
BYE-BYE Sales rose by about 20% under the new regime, but by February, 1993, a series of mounting miscalculations made on Muncaster's watch produced a staggering $20 million in losses. With the chain sinking into receivership, Muncaster stepped aside. He later sold his house in Toronto's tony Forest Hill and retreated from retail. He was named president of Toronto waste manager Environmental Technologies Inc. later in 1993, but resigned after two years.
WHERE HE IS NOW Muncater is now an independent businessman in Collingwood, Ont. When asked to comment on life away from the limelight, he answered, "I prefer not to. That's the reason I'm not in the limelight."