Quick, what happened to the electric typewriter you proudly used in college? Can't remember? Neither can most baby boomers, which is the main reason Smith Corona Corporation, the last American stalwart to build typewriters, has filed for Chapter 11 bankruptcy protection.
The company reported a loss of $12.1 million, or 40 cents a share, for the third quarter.
As part of its restructuring plans, the company will cut 750 jobs worldwide over the next year, a move that should save about $21 million per year after 1996. A loan commitment for $20 million has also been secured to keep the company going through the restructuring process.