Rather than retreat with caution, the #1 tools and storage maker opted to power through the pandemic.
When the global pandemic hit, like all other business leaders on the planet, Stanley Black & Decker CEO Jim Loree and his team had some major decisions to make. Sales, of course, took a drastic and immediate hit. Retail partners slashed orders for Stanley Black & Decker products, opting instead to draw down on inventory they already had.
In response, Stanley Black & Decker had two choices:
- Wait for retailers to place “panic-size orders” that they might not be able to deliver in a timely manner.
- Keep the faith by moving full speed ahead with production, working under the assumption that things would turn around, customer demand would rebound and retailers would soon be restocking their shelves. If the opposite was true, Stanley Black & Decker could have been stuck with several months of inventory – far from a good scenario.
To Stanley Black & Decker’s executive team, option 2 was the best bet.