You will hear a part of a radio programme on business topics. The presenter

You will hear a part of a radio programme on business topics. The presenter is talking about a company called Fast-Save.
As you listen, for questions 1-12, complete the notes using up to three words or a number.
You will hear the recording twice.
You now have 45 seconds to read through the questions.
[pause]
Now listen, and complete the notes.
[pause]
Woman: Now we move onto a new series where we look at companies in trouble and how they intend to turn themselves round.
Everybody is familiar with the budget supermarket chain, Fast-Save. They began business in 1959 as Valued Foods Limited, but to give themselves a more modern image, adopted the name Fast-Save in 1965. The chain went public in 1970 and with this new injection of capital began to buy a rival’s stores and converted them into Fast-Save outlets.
There was a major innovation in 1992 when they launched a range of over 200 special bargain products. Because they produced these themselves costs were substantially reduced. They launched the range through a huge advertising campaign with the catch phrase "why pay more?" This was enormously successful and quickly forced Fast-Save’s competitors to respond by introducing their own versions of similar shopping deals.
And it is precisely because rivals have imitated it that Fast-Save is in a certain amount of trouble.
With others competing successfully in the same market, Fast-Save’s share price has dropped sharply. As a direct result of this, it is just announced it is closing 107 of its 979 stores.
Despite the inevitable job loss this would cause, the company still has considerable assets which will enable it to survive. Its stock market value remains a healthy ￡ 497 million. It has a reasonably stable workforce whose wages keep pace with the rest of the industry. It still attracts the best executives due to its competitive salaries: and it offers good prospects for advancement with its training courses which are attended by more than 1,000 potential managers a year.
So in spite of a bad year, Fast-Save is now looking to the future and it has a major change in corporate culture. It is closing some of its older stores because it wants to create a new image.
Basically, it is planning to take itself off market as it recognises the modern supermarket customer seeks high quality products rather than cheap food. These changes will mean redesigning many of the stores, changing much of its stock and amass the investment in marketing and advertising.
Fast-Save has a distinctive advantage over some of its competitors in that it has solid financial banking. It is partially owned by the finance house Golden Mathews which is based in Australia but deals with Fast-Save through its branches in Singapore.
All in all, it seems the company is looking at a rosier future, but we have to wait and see. We will keep you informed of its progress.