The collapse of W. T. Grant, the 17th largest retailer in the U.S. with 1,200 stores and

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Question:

The collapse of W. T. Grant, the 17th largest retailer in the U.S. with 1,200 stores and 82,000 employees in 1975, came as a surprise to the capital markets! Why should this have not been a surprise? What got overlooked? What analysis should have happened? Please Provide a long answer.