ComputerLand posts $13.9 million loss for 3rd period, citing control problems

Article Abstract:

ComputerLand Corp, a chain of computer retail stores, reported a loss of $13.9 million for 3rd qtr ended Jun 30, 1989. The company cited problems with Australian operations and the political unrest in China. Analysis of ComputerLand's financial report suggests growing sales but problems with control. The company agreed to take over its Australian operation, which had been a joint venture between it and an ex-franchise holder, after losses discovered during an audit. The audit did not reveal the extent of the damage, which totalled losses of $15.7 million for the first nine months of 1989. The political situation in China affected the company because two trading companies that owed ComputerLand millions of dollars were closed by the government after the student demonstrations during the summer of 1989. ComputerLand wrote off the loans, taking a loss of $2.8 million.

Finance, Profits, Financial Analysis Software, Company Profile, Retailing, Third Quarter, Profit

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Businessland's top marketing, sales executives leave

Article Abstract:

The inability of Businessland Inc to successfully implement value-added services and compete for sales have resulted in the dismissal of top marketing and sales executives James A. Heisch and Murray Dennis. Businessland said in Jan 1990 that it would cut as much as 10 percent to 15 percent of its work force and shutter poorly performing stores. Businessland reported a $1.7 million loss, or 6 cents a share, on sales of $323.4 million in the third fiscal quarter ended Mar 31, 1990, and is expected to report losses for the fourth quarter and fiscal year. Heisch was senior vice president of sales and service and Dennis was vice president of marketing.

Officials and employees, Appointments, resignations and dismissals, Executive, Firings, Marketing Directors, Losses, Heisch, James A., Dennis, Murray

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Businessland Inc. rejects proposal by ComputerLand

Article Abstract:

ComputerLand, the computer retailer, sends a letter to Businessland Inc, proposing to acquire Businessland for about $32 million of ComputerLand stock. ComputerLand also offers to pay 45 cents on the dollar for Businessland convertible debentures. ComputerLand's proposal comes after an agreement that Businessland has already made, to be acquired by JWP Inc. Businessland rejects ComputerLand's offer, calling it 'only an expression of interest' and noting that it is not 'materially better' than the offer already received and is 'very late.' Businessland's stock is up 6.25 cents a share on Wednesday, Jul 24, 1991, closing at 81.25 cents a share.

Computers, peripherals & software, Computer industry, Mergers, acquisitions and divestments, Stock, Acquisition, Takeovers, JWP Inc., JWP

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