Saying that it wanted to reorganise as an 8,000-employee company with $1,400m in annual sales, Wang Laboratories Inc yesterday filed for Chapter 11 bankruptcy protection from its creditors. The planned downsizing means that 5,000 more employees from the current 13,000 – down from 31,000 three years ago – will lose their jobs; the sales target of $1,400m a year compares with $1,900m now. Wang hopes to continue to operate without interruption during the reorganisation process; chief executive Richard Miller said the filing was a drastic step, adding that it is absolutely crucial to our company’s survival and the preservation of thousands of jobs. He added that when he joined the company as president in August, 1989, he learned that founder An Wang was preparing Chapter 11 petitions. Wang intends to focus on developing advanced software products and systems that streamline and accelerate office workflow.
