CALIFORNIA | LOCAL
December 9, 1999
The Japanese economy is slumping again despite massive injections of government funds. But the shadow of recession can be turned back by continued corporate restructuring. The government should encourage this corporate reform through such measures as new tax laws because it offers a better prospect for sustained growth than repeated priming of the economic pump. After two quarters of increased gross domestic product, the economy posted a sharp drop in the third quarter.
May 8, 1991 |
Schafer Bros. furniture was just another small manufacturer that couldn't make it through the hard times. In January of last year, the 52-year-old Orange County company--victim to higher overhead and lower sales--closed its doors. Two months later, on the night before the company's equipment was sold at auction, former salesperson Janette Fling walked through the huge, quiet warehouse, looking at the rolls of leather and woodworking equipment tagged for sale.
March 27, 1993 |
IBM made it official Friday, naming as its chairman Louis V. Gerstner Jr. in the enormous gamble that the first outsider in the company's 79-year history can reverse the steep decline of what was once America's preeminent corporation. Confirming days of speculation, IBM said Gerstner, 51, the head of RJR Nabisco Holdings, will become IBM's chairman and chief executive on April 1. Few managers have accepted a greater challenge.
May 22, 2006 |
The FBI's storied workforce is being dismantled and reassembled as Director Robert S. Mueller III tries to overhaul the hidebound agency. The result is a culture war between old and new, and older agents are rebelling. Among the disaffected are hundreds of agents in field offices around the country who are suddenly facing forced transfers to FBI headquarters. Many, including Michael Clark, are leaving.
July 29, 1998 |
Lynx Golf Inc., a Carlsbad-based golf club maker backed by a handful of celebrity investors, has filed for voluntary bankruptcy, apparently a victim of the weather and deeper-pocketed, better-known competitors. But overall, much of the golf industry also has seen a downturn in sales, which analysts and enthusiasts are attributing to the Asian "flu" and El Nino. Lynx Golf, maker of Black Cat irons, filed over the weekend for protection under Chapter 11 of the U.S. Bankruptcy Code.
May 29, 2008 |
Bank of America Corp., stressing its intent to change the culture at Countrywide Financial Corp. after acquiring it, said Wednesday that -- on second thought -- it wouldn't keep on the mortgage lender's No. 2 executive to run the companies' combined home-loan operations. When it agreed in January to buy the struggling lender, Bank of America said Countrywide President David Sambol, the lender's top executive after founder and Chairman Angelo Mozilo, would stay on to run the combined companies' mortgage operations.
June 16, 1993 |
Eastman Kodak Co., struggling against poor profit and high debt, Tuesday took a big step in its corporate restructuring, announcing that it will divest Eastman Chemical Co. and in one fell swoop wipe out $2 billion of debt. Such a spinoff would not have occurred just a few years ago, analysts said, and the move signals that Chief Executive Kay R. Whitmore is responding to new, tougher markets and stockholder pressure to improve financial results quickly.
February 24, 2006 |
Mall developer Mills Corp. announced Thursday that it had hired financial advisors to explore a possible sale of the company and is cutting jobs as part of a corporate restructuring. The restructuring will result in the loss of 77 jobs. The company -- which owns 42 properties in the U.S., Canada and Europe, including the Block at Orange and Del Amo Fashion Center -- employs about 1,100. The Arlington, Va.
October 24, 1998 |
TouchStone Software Corp. Will pay its president and chief executive, Kenneth S. Forbes III, $205,000 this year to turn around the struggling Huntington Beach maker of computer diagnostic software. Since Forbes' arrival in August, the company has cut 11 people from its staff, reducing total employment to 21. The layoffs have been part of a continual downsizing and refocusing for the company, which had 58 employees in September 1997. TouchStone's former CEO, Lawrence S.
July 30, 1998 |
Columbia/HCA Healthcare Corp., the world's largest health-care company, on Wednesday disclosed a corporate restructuring timetable, set a big stock buyback and posted quarterly results in line with forecasts. The Nashville-based company also said it will probably change its name, though not soon. It said it expects continued "substantial costs" from restructuring and a massive Medicare fraud probe the federal government began 18 months ago.