Word: businessland
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Dates: during 1990-1999
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Tough times in the computer industry mean misery for computer retailers. Just ask Businessland: last week the San Jose hardware dealer announced a third- quarter loss so drastic -- $43 million -- it may file for bankruptcy...
Founded in 1982, Businessland became corporate America's one-stop shop for ! personal computer systems, mainly from blue-chip makers like IBM and Apple. But as Businessland's fortunes rose, so did those of mail-order boutiques and aggressive superstores offering deep discounts. Meanwhile, Businessland stumbled by launching price wars while ignoring rising inventory and changes in customer needs. The company's key lender, ITT Commercial Credit, has announced that it will jump ship by the end of June. Now Businessland must persuade remaining lenders to extend its loan payments. Observes computer industry analyst Douglas Kass: "The coffin is lying...