Word: coleco
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...planned invasion was as bold as any in a Coleco Industries video game. The strategy called for Coleco to blast its way into the home-computer market with Adam, a complete system that sold for just $600. But the Adam onslaught never really got rolling. During 1983 production problems forced Coleco to manufacture less than 20% of the 500,000 computers it had planned. Last week the firm revealed that Adam is causing a hemorrhage of cash. Coleco reported a $35 million loss for the fourth quarter of 1983, against a profit of $15.4 million during the same period...
Executives of the West Hartford, Conn., company had expected the Adam to be a hot seller, but quality defects have chilled sales and caused customers to return up to 30% of the computers. And while Coleco's Cabbage Patch Kids remain a huge hit, some analysts now believe that the firm will have to discontinue Adam in order to stem its losses...
...amalgam of his mother's maiden name and a self-bestowed doctorate, "which came from the fact that I saved my father $25,000 by dropping out of Oxford," next plans a nonsense book. He is also working on a Broadway play for adults, and this year Coleco, purveyors from the Cabbage Patch, will offer a new line of Seuss dolls...
...There was, of course, the classic lure of rescuing and running a company on his own and the undeniable mystique of the technological future. "The Atari name did it," says one go-between who arranged the Morgan and Ross meeting. "Morgan never would have gone if it had been Coleco." He also got one of the most lucrative safety nets ever written into a business contract. Although Morgan will not comment on it, Atari insiders place his guarantee at more than $8.5 million over the next seven years. Moreover, sweeteners could raise it to $25 million or more depending...
Last year's winner, though, could well be next year's loser. In 1982 Coleco Industries, pushed forward by its successful video-game machine, led the N.Y.S.E., going from 6% to 36%. In 1983 Coleco's stock zoomed further, to 65, but then it ran into delays and glitches with its new Adam computer. The hit of 1982 ended...