Word: write-off
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...fourth-quarter write- off of $7.5 billion to account for the costs of providing medical coverage + for its retirees, a blow that will probably force the automaker to report the largest annual loss (nearly $7 billion) ever suffered by a U.S. corporation. AT&T expects to take a similar write-off this year, and General Motors, with far more retirees, may face a catastrophic deficit when it finally takes the health-care...
...America's Big Three, which have problems of their own. GM, the most bloated U.S. automaker, plans to lay off 74,000 of its 360,000 workers in a bid to cut costs. Ford will post an estimated $6 billion loss for 1992, largely because of a huge write-off for future retirement obligations. Chrysler remains saddled with $13 billion in high-interest debt...
...force next year more than 8%, or an additional 25,000 employees. Only a year ago, IBM reorganized its operations into 13 semiautonomous units, called "Baby Blues." The latest round of cuts will include the first layoffs in the company's history and will lead to a $6 billion write-off for the fourth quarter. IBM is expected to post a net loss of about $4.8 billion for the year -- the second largest in American corporate history...
Phar-Mor, the largest and fastest-growing U.S. deep discount drugstore chain -- with 306 stores in 33 states -- sought bankruptcy court protection after firing president Michael Monus and chief financial officer Patrick Finn and taking a $350 million write-off. The company claimed that Monus and Finn embezzled $10 million and overstated profits, then sued its accountants, Coopers & Lybrand, for failing to spot the fraud. Coopers countersued, accusing Phar-Mor executives of providing false and misleading figures to audit...
...That is outrageous. It's tantamount to legallarceny," charged another. "I'm intimatelyfamiliar with the compensation structure thatpeople normally get and to have that occur andsubsequently have a substantial write-off is justtotally unacceptable...