The movement was disassembled and cleaned. This beautiful Gruen Pock Watch was not running after many years of storage. To add to their problems, an $8 million USD military contract was cancelled and the company was hit with anti-trust lawsuits by the U.S. Gruen Watch Overhaul Service Service of a Gruen Veri-Thin Precision 17 Jewel Movement 8s Open Face Pocketwatch. The company bought the Canadian branch of Waterman Pen in May of 1956, selling off Gruen's own Canadian watch distributorships to finance it, then sold Waterman again in November of the same year, at a loss. The company was falling apart, having seriously neglected the watch business as they pursued other activities (watch manufacturing was now relegated to a subsidiary division of Gruen Industries). The board of directors and stockholders were making newspaper headlines with petty squabbles and proxy fights.
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Gruen Industries was so deeply in debt, and had already borrowed so much money, that they were unable to secure additional financing. Beautiful Antique Gruen Pocket Watch w/ Champagne Dial Including Cobalt Blue Hands & Dedicated Second Dial 10k Yellow Gold-Filled VeriThin Case Black Roman Numerals Case Serial G303652 17-Jewel Gruen Movement Serial 4-111395 Year of Manufacture: 1900s-1910s Total Mass 41.9 grams Size 8S Piece Appears in Good Condition. By 1958, the company (which had changed its name to Gruen Industries) was facing massive legal problems, had laid off most of its employees, and was selling off its properties, including Time Hill. In 1953, the Gruen Watch Company had its highest sales in its entire history.
With the changeovers in management and the loss of the Gruen family's involvement, the company lost focus and direction.