Word: nynex
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...William Jones took early retirement in 1990 after a 30-year career with a New York phone company, he expected his loyalty to be rewarded. But the firm he left is very different from the one he joined. Once owned by AT&T, New York Telephone Co. became NYNEX and then, in 2000, Verizon Communications. And at a time of ferocious competition in the industry, some of the benefits he says he was promised when he joined in 1959 have either not materialized or, most recently, been slashed. Retirees have to foot an ever larger part of the bill...
...Nynex, the holding company for phone operations in New York and part of New England, last week made a major diversification move by agreeing to buy IBM's 81 computer retail outlets for an estimated price of from $125 million to $150 million. Nynex plans to merge the stores with the 19 branches of its Datago computer chain. The newly named Nynex Business Centers will be the seventh-largest computer retailer...
Bold and promising as these new endeavors may be, few are profitable so far. The Baby Bells' nontelephone operations last year lost an estimated $500 million on revenues of $2.5 billion. The deepest deficit was suffered by Colorado-based U S West, which lost an estimated $200 million. Nynex had losses of some $100 million. Still, the seven regional firms prospered overall last year, earning $7.5 billion on total revenues of $63.3 billion. Their former parent, AT&T, last year earned only $1.6 billion on revenues of $34.9 billion...
...Well, after a 15-day strike that led to Verizon spilling off the lips of every CNBC talking head and being splashed all over every business page - always with an explanatory line like the Wall Street Journal's "the result of a marriage between Bell Atlantic and Nynex" - the new moniker has made the big time...
...Continued job security: The Communications Workers of America again secured from Verizon a guarantee of no layoffs for the life of the contract. Verizon, a spiffy new name for the combined Bell Atlantic, NYNEX and GTE, did win the right to move more employees around the company - up to 2.1 percent of workers - than it could before...