Fuzzy Reception At Zenith
The picture for Zenith Electronics is getting worse. In the third quarter, the last major American TV maker lost $41.8 million, compared with a loss of $1.5 million in 1991. That brings its loss for the first nine months to $85.6 million, vs. a deficit of $52.1 million last year, on sales of $858 million, a 7% drop. Nearly half of the third-quarter loss comes from $23 million in charges to cover layoffs of 390 salaried workers--15% of its U.S. staff--as well as the cost of moving most of its U.S. operations to Mexico. Because of its dismal results, Zenith is reconsidering its plan to sell 8 million new shares.
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