Mournful Music

Baldwin goes bankrupt

For more than 100 years Cincinnati's Baldwin-United (1982 revenues: $3.6 billion) made sweet music by sticking mainly to the business it knew best, manufacturing pianos. Then in 1968 the company began dabbling in financial services with the $16 million purchase of a Denver bank. That was the beginning of a 14-year buying spree that put Baldwin in businesses ranging from insurance to trading stamps. But the firm stretched itself too far. Last week, after stalling lenders for six months, Baldwin filed for reorganization under Chapter 11 of the bankruptcy laws.

The architect of Baldwin's growth was former President Morley...

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