Deluxe Corporation
Deluxe Corporation
Early Deluxe check catalog.
The Crash of 1929 ushered in the Great
Depression, which hurt Deluxe along with
most other businesses. Deluxe was a private company, so its stock price was not
affected by the crash. However, as the
1930s progressed, “Deluxe’s vulnerability
was directly linked to its bank customers,
who were embroiled in the worst banking crisis in the nation’s history.” Sales
declined in 1932–33.
As the company struggled, Hotchkiss
solicited his employees’ advice, which was
highly unusual in corporate America at
the time