Bankrupt Wang planning to lay off 3,300; reorganization calls for creditors to take it over

Article Abstract:

Pres and CEO Joseph M. Tucci reveals Wang Laboratories Inc's plan to reorganize and emerge from Chapter 11 bankruptcy protection. Wang will layoff 3,300 manufacturing employees and corporate staff, over a third of the number that remain, by May 1993. Wang's creditors, which include IBM, Intel, Microsoft and the GE Credit Corp, will receive stock in the reorganized company to pay off its $2 billion in unsecured debt and outstanding claims. Once a minicomputer behemoth with 30,000 employees and $3 billion in revenues at its 1988 peak, Wang would be transformed into a $1 billion imaging and office-automation software vendor and network-integration service provider. Both the United States Bankruptcy Court in Boston, MA, and Wang's creditors must approve the plan before implementation. Industry analysts admire Wang for making the best of a bad situation, but remain skeptical of the reorganized company's prospects.

Prepackaged software, Computer peripheral equipment, not elsewhere classified, Computer integrated systems design, Computer programming services, Management, Layoffs, Bankruptcy, Layoff, Wang Laboratories Inc., Reorganization, Financial Stability, WANC

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NEC planning to market low-priced PC's

Article Abstract:

NEC Technologies plans to enter the market for low-priced microcomputers in an effort to boost sales. The company is preparing a new line of computers known as the Ready line that will be bundled with software packages aimed at small business users and home users. NEC is the top seller of microcomputers in Japan, but US sales have slipped 27 percent in 1991. The company has successfully sold video monitors and laptop computers at retail outlets such as Computerland and Microage. The microcomputer market is a $25 billion market with fierce competition from Apple, Compaq, Dell Computer, DEC and IBM. NEC hopes the bundled software will lure potential customers.

Product development, Microcomputers, Marketing, NEC Corp., Bundled software, Microcomputer, Low Cost, Marketing Strategy, Market Entry, NEC Ready (Intel-compatible system)

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