Word: go-go
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Even innovative small companies, a major source of jobs in the go-go '80s, are laying off workers in the slow-mo '90s. According to a study of more than 900 U.S. companies by the American Management Association, a business research group, nearly half the firms with fewer than 100 employees dismissed workers / during the 12 months that ended last June -- a resounding increase over the 29% that reported layoffs during the previous 12 months. In the latest survey, companies of this size laid off an average of 24 workers per firm. "Small companies are less likely...
...go-go era fairy tale is heading for a no-no era denouement. In 1976 ex- encyclopedia salesman William Farley bought a California citrus processor with just $25,000 of his own money. Within years, he ruled over a multibillion-dollar empire. Then came Farley's folly: the 1989 leveraged buyout of sheet-and-towel giant West Point-Pepperell, for $1.6 billion. Burdened by debt, he endured the junk-bond collapse, the recession and the gulf war. But last week Farley accepted a "prepackaged" bankruptcy plan that will slash his share of West Point-Pepperell from...
...computer probably already own one. Rampant price cutting -- a sure sign of maturation -- is putting a squeeze on profit margins industry-wide. In fact, the $500 billion information industry -- which encompasses everything from the media to computer software to telecommunications -- is in its biggest slump ever. Gone are the go-go days of 20% annual growth. Sales peaked in 1987 but rose only 9% in 1989 and 6% last year. This year the industry will be lucky to grow...
Goldome: the name was as good as gold through most of the '80s, as the savings bank based in Buffalo rapidly amassed a menu of failing savings banks around the state, with the blessings of business-first federal regulators. But as the go-go years went-went, Goldome turned to dross. The bank inched back toward profitability during 1989, only to face stricter capital requirements from a savvier set of feds in the wake of the S&L crisis. The new rules of the game finally proved Goldome's undoing last week...
...roaring 1980s are gone. The go-go days are over," said Michael D. Holmes '57, President of BayBank Harvard Trust. "It's a more conservation time...