Word: parings
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...able to halt customer defections. IBM's market share in PCs has dropped by half, to 23%, while Apple's has declined to 15%, from 18%. The changing marketplace has forced both companies to make some painful adjustments. In the largest layoff in the company's history, Apple will pare 1,500 jobs from its payroll this summer, a reduction of about 10%. The company is expected to post an earnings decline for the past quarter, largely because of price cutting. IBM, which during the January-March period reported the first quarterly loss in its 80-year history, plans...
Time Warner's objective is to pare away some of the $11 billion in debt -- $3 billion of which must be paid off or refinanced in 1993 -- that was incurred in the merger 18 months ago of Time Inc. and Warner Communications. Since then the company's top executives have been trying to form alliances with other major companies, both for strategic reasons and to gain a cash infusion. But the highly visible debt has evidently created an appearance of vulnerability that has inspired potential partners to demand terms Time Warner officials consider unacceptable...
...matter what the state legislature does, Dinkins is headed for a showdown with his own city council. The council favors a different budgetary approach, based on $639 million in new taxes instead of the mayor's $1 billion. In addition, council members want to pare down the city's overgrown bureaucracy, targeting 14 agencies and offices for elimination or transfer of functions. In dealing with unions, the council would tie wage settlements to productivity, an innovative idea in a city where unions still have clout. Says council speaker Peter Vallone: "The days of tax and spending are over, not just...
...latest revolution out of Boston pits recession-battered restaurateurs against charge-card giant American Express. Steve DiFillippo, owner of Davio's, where a Northern Italian veal-chop dinner for two can run $100, needed to pare costs. He threatened to turn away the American Express card unless Amex reduced its take -- 3.25% of every purchase, vs. 1.7% to 2% for Visa and MasterCard. Last week the combatants struck a truce when DiFillippo accepted Amex's offer of a 2.9% rate, saving him $11,000 a year. Amex also offered him $6,000 of advertising as part of a new nationwide...
...deal means a measure of financial relief for Perelman, who acquired control of Revlon for $2.7 billion in a bitter 1985 takeover fight. To expand his cosmetics empire, Perelman subsequently paid some $300 million for Max Factor in 1986 and about $170 million for Betrix in 1989. Now, to pare his junk-bond debt, he has begun selling assets as fast as he once acquired them. What might be next? Perelman's advisers said the erstwhile raider could soon put on the block such tony cosmetics brands as Princess Marcella Borghese and Charles of the Ritz...