Baldwin Laying Off Workers

[Sy Zabrocki]

List: The June issue of Musical Merchandise Review arrived today. A story
about Baldwin states Baldwin's debt at the end of 2000 was approximately $40
million.
Sy Zabrocki

----- Original Message -----
From: "Kent Swafford" <kswafford@earthlink.net>
To: "pianotech list" <pianotech@ptg.org>
Sent: Wednesday, June 06, 2001 7:35 PM
Subject: Re: Baldwin Laying Off Workers


> On 6/6/01 7:04 PM, "Billbrpt@AOL.COM" <Billbrpt@AOL.COM> wrote:
>
> > Management pledges to work diligently in its effort to reorganize under
> > Chapter 11 of the United States Bankruptcy Code.  We anticipate
returning to
> > our primary business, which is the profitable manufacturing of the
world's
> > best pianos."
>
>
>
> By coincidence, the following is from this morning's (6-6) Kansas City
Star,
> in an article concerning the recent Chapter 11 filing of a Kansas City
> business, Payless Cashways:
>
> "The odds are sky high against Payless or any other Chapter 11 company
being
> successful.
>
> According to the American Bankruptcy Institute, 85 percent to 87 percent
of
> companies that go into Chapter 11 do not succeed in reorganizing.
>
> The landscape is littered with failed retail Chapter 11s, including
Venture
> Stores Inc., Montgomery Ward & Co., Carter Hawley Hale and Service
> Merchandise, to name a few."
>
>
> Best wishes to Baldwin; they need them.
>
> Kent Swafford
>
>