Word: unsold
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...difficulties began to rattle GM late last summer, when the automaker discovered it was stuck with more than 1 million unsold 1986-model cars and trucks. To move the merchandise, the company launched a 2.9% financing incentive, which sparked similar deals from the competition and erased GM's third-quarter earnings. As Ford and Chrysler posted hefty operating profits, GM produced a loss of $338.5 million. For 1986 as a whole, the company is expected to earn a net income of $2.8 billion, down 30% from...
...auction, held at motels in Fresno one day and Sacramento the next, attracted overflow crowds of farmers and agribusinessmen, but the results were something of a letdown for BankAmerica. Successful bidders paid only 76% of the appraised value of the land on average, and six of 23 parcels went unsold because no one was willing to make the minimum bids that had been set. The $3.8 million raised by the auction was "less money than we had hoped for," admitted BankAmerica Vice President H.G. Weichert. But at his institution these days, every little bit helps...
...furnishings are being put up for sale, but modern-day Haitians do not seem particularly interested in relics from a bygone era. The brightly painted wooden nameplates that identified the Anne Bancroft Suite and other celebrity rooms went for $4 each, and the famed mahogany bar remains unsold despite its modest asking price...
...sold a total of 4.9 million autos, a 3% decline from 1985. In the past few weeks Ford has engineered a sharp sales upturn, thanks partly to the sudden popularity of its futuristically styled Taurus and Sable vehicles. But GM has a troublesome surplus of more than 1 million unsold 1986-model cars and trucks. In a bid to shrink its swollen inventory, GM late last week postponed the roll-out of its 1987 models, from Sept. 25 to Oct. 9, and announced some dramatic come-ons. The automaker will offer customers a choice of two new incentives...
...twelve-nation European Community spends $63,000 an hour to store 1.4 million tons of unsold butter in refrigerated warehouses. Its mountain of skimmed-milk powder rose this summer to 988,000 tons. The E.C. is trying to reduce the stocks by feeding the butter to calves and the milk powder to pigs and poultry. But experts estimate that about half the butter and other refrigerated products have deteriorated so badly that they are no longer fit to be eaten by animals, let alone humans...