Wang Labs pays workers early, fueling talk

Article Abstract:

Wang Laboratories Inc pays its workers two days early, causing industry observers to speculate that the computer company plans to file for Chapter 11 bankruptcy protection. Company officials says that the early pay day was a one-time occurrence, due to the use of a new software package. Wang has been under financial pressure, and the company has delayed reporting its results for the quarter ended Jun 30, 1992. The company has previously announced that it will incur a $30 million one-time charge to offset the costs of laying off 1,000 workers. Executive efforts to generate investment from Taiwan have not been successful. Company officials refuse to comment on rumors of bankruptcy. Wang was a pioneer company in the word processing field, but lost strength after the advent of the personal computer.

Computer peripheral equipment, not elsewhere classified, Wages and salaries, Bankruptcy, Payroll Software, Payroll processing software, Wages, Financial Stability

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Wang Labs posts third-period loss, considers layoffs

Article Abstract:

Wang Laboratories Inc reports a loss for the 3rd qtr ended Mar 31, 1991. Revenue was down 16 percent, to $499.7 million from $593.5 million. Wang's loss in the 3rd qtr was $48.9 million or 30 cents a share. The net loss in the comparable period a year previously was $146.6 million or 90 cents a share, when an $11.2 million restructuring charge and a $56.9 million loss from discontinued operations were included. Wang's work force is now 18,000, down from 31,500 three years ago, and the company's president, Richard Miller, indicates that more layoffs are being considered. Wang's products are not selling well because customers have been choosing alternative offerings from other vendors. Miller admits that the recession hit the company very hard.

Profits, Layoffs, Layoff, Computer Industry, Third Quarter, Profit, Financial Report, Losses

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