Turbulent Times for Texas Businesses: Layoffs, Bankruptcies, and Economic Struggles

Strategic Insights -

Texas-based Ross Technology Inc., a struggling microprocessor chip maker, plans to eliminate 93 more jobs as part of its announced shutdown, citing a $38.3 million loss and potential investors or buyers. Meanwhile, Consumers have filed only 147 complaints with the Texas Department of Insurance regarding health maintenance organization (HMO) treatment denials, despite initial predictions of 4,400 complaints. Additionally, Way2Cheap Inc., a local computer company, has gone bankrupt, listing debts of over $1 million and assets of $90,694. In other news, Dell Computer Corp. will sell 8,800 computers to Kmart, while Compaq Computer Corp. reported a $3.6 billion loss in the second quarter, and Apple Computer Inc. turned in a $101 million profit. Furthermore, 126 of Texas' 254 counties are seeking disaster declarations due to the ongoing drought, and NationsBank Corp. reported a 53 percent increase in second-quarter earnings.

Key Takeaways:

  • Ross Technology Inc. will lay off 93 more employees as part of its shutdown, citing financial struggles.
  • The Texas Department of Insurance has received only 147 consumer complaints about HMO treatment denials, despite initial predictions of 4,400 complaints.
  • Way2Cheap Inc., a local computer company, has gone bankrupt with debts of over $1 million and assets of $90,694.
  • Dell Computer Corp. will sell 8,800 computers to Kmart as part of its expansion.
  • Compaq Computer Corp. reported a $3.6 billion loss in the second quarter, while Apple Computer Inc. turned in a $101 million profit.
  • 126 of Texas' 254 counties are seeking disaster declarations due to the ongoing drought.
  • NationsBank Corp. reported a 53 percent increase in second-quarter earnings.

Statistics:

  • $38.3 million: Ross Technology Inc.'s loss for the quarter.
  • 93: Number of additional jobs to be eliminated by Ross Technology Inc.
  • 147: Number of consumer complaints filed with the Texas Department of Insurance regarding HMO treatment denials.
  • 4,400: Initial predicted number of complaints about HMO treatment denials.
  • $1 million: Debts listed by Way2Cheap Inc. in its bankruptcy filing.
  • $90,694: Assets listed by Way2Cheap Inc. in its bankruptcy filing.
  • 8,800: Number of computers to be sold by Dell Computer Corp. to Kmart.
  • 6,600: Number of Dell Optiplex computers to be sold to Kmart.
  • 2,200: Number of PowerEdge 4200 servers to be sold to Kmart.
  • $3.6 billion: Compaq Computer Corp.'s loss in the second quarter.
  • $101 million: Apple Computer Inc.'s profit in the second quarter.
  • 126: Number of counties in Texas seeking disaster declarations due to the ongoing drought.
  • 254: Total number of counties in Texas.

Sources:

  • "Ross plans 93 more layoffs in shutdown" by The Dallas Morning News
  • "Consumers apparently aren't as upset with HMO treatment denials as some thought they were" by The Dallas Morning News
  • "Way2Cheap in bankruptcy" by The Dallas Morning News
  • "Dell sells computers to Kmart" by The Dallas Morning News
  • "Compaq posts big loss" by The Dallas Morning News
  • "Counties seek drought aid" by The Dallas Morning News
  • "NationsBank earnings up 53%" by The Dallas Morning News
  • "Column: Local business news in review" by The Dallas Morning News