Word: unsold
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...gloomy stillness enveloped Ford Motor Co.'s normally bustling assembly plant in Metuchen, NJ. The plant was closed all last week to reduce a mounting backlog of unsold Pintos and Mercury Bobcats, two of the smallest models Ford produces. At the same time, a bulging inventory of Chevrolet's sub-compact Vegas prompted General Motors Corp. to eliminate a second shift at its huge superautomated plant in Lordstown, Ohio...
Only a year ago, Chrysler Corp. was the sick man of Detroit's auto industry. The plunge in car sales hit the company so much harder than GM or Ford that there was serious talk of bankruptcy. Chrysler's huge inventories of unsold cars were reduced dramatically by a desperate, carnival-style rebate scheme that was reluctantly picked up by competitors. A furious cost-cutting program resulted in layoffs of 20,000 salaried employees, who joined an army of assembly-line workers already on furlough. Still, the losses mounted, and last summer Lynn Townsend resigned after nine years...
Private Activity. Recently the Cornell estate, consisting of hundreds of unsold boxes and collages, passed into the hands of a consortium of dealers-Leo Castelli, Richard Feigen and James Corcoran. Last week a show of 43 Cornell boxes went on view at the Castelli Gallery in Manhattan. Until the inevitable retrospective-for a whole Cornell industry is now tooling up-one could not wish for a better introduction to this singular artist...
...reason for the Franco-British concern. Sales of Concordes, which cost some $60 million apiece, have been disappointingly slow. Financially strapped U.S. airlines withdrew their options to purchase the planes three years ago, and only Iran and China have expressed interest in buying any of the three planes remaining unsold out of the initial production run of 16 (the British and French...
...Unsold Bottles. It must also hold up its sales. Last year, all of the 30 largest French champagne makers lost money, and inventories of unsold bottles grew by more than 50%. Last September, for the first time in a generation, the price of newly harvested champagne grapes dropped by almost 28%. But recently, with the improvement in economic conditions, champagne sales have begun to pick up mildly in France, and some bottlers are even talking of an end-of-year buying splurge by holiday revelers at home and abroad. Failing that, all is still not lost. "After all," muses Jacques...