Word: write-off
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...Mobil's $1.86 billion purchase of Marcor, the owner of Montgomery Ward; Standard Oil of Ohio's $1.77 billion acquisition of Kennecott). Many firms are now unloading some of their unattractive operations. Exxon is trying to sell its office-products business, and Atlantic Richfield recently took a $785 million write-off on its stake in Anaconda...
Meanwhile, Bank of America was trying to clean up its scandal. The banking corporation, the nation's second-largest (assets: $121 billion), has announced that it would have to make a $95 million fourth-quarter write-off to cover the cost of buying back failed securities that the bank had a role in delivering to investors...
Adam has made life tough for Coleco. The company will take an estimated $110 million write-off against 1984 earnings because of the flop. Indeed, Adam might have driven Coleco to its knees were it not for the company's success with another product: the Cabbage Patch Kids. Coleco last year sold $500 million worth of Cabbage Patcheria, and the pudgy dolls have been the hottest toys for the past two Christmas seasons. Coleco hopes that it will now do better by staying in the cabbage patch...
...other oil companies last week disclosed major house-cleaning steps, partly the result of an 18-month slide in oil prices. Texaco announced plans to take a $765 million write-off on its fourth-quarter earnings, partly to reflect the decreased value of several underused refineries and oil tankers. California's Chevron, which merged with Gulf this year, said it may have to lay off some 10,000 workers and sell Gulfs Pittsburgh headquarters...
...Bank of America. The Comptroller imposed a detailed plan for tightening up almost every aspect of the way the bank handles problem loans of $10 million or more. In October the bank shocked the financial community by announcing a $72 million third-quarter loss that stemmed from a write-off of $278 million in bad loans. The new disclosure was an added loss of face for First Chicago's management. Said William Handel, director of financial-industry research at the consulting firm of Whittle & Hanks: "This is definitely going to hurt its reputation as Chicago's premier bank...