This cartoon came some years before Wally was introduced as a character. You'll notice over the next few years how all the guys that look like Wally have names like Bruce and Lester until the mid-nineties.
I'm guessing if that was Wally who started the business, he probably didn't finish it, and likely found an excuse to get out of ever having to work at it. :D
IMAPHB this might be a diiferent wally and in my opinion if this isn't that wally he would do something much crueler then gluing the shirt around a stick.