Computers: Coleco Pulls the Plug

Coleco Pulls the Plug

Shortly before Connecticut-based Coleco Industries introduced its Adam home computer in June 1983, the company's stock shot up ten points in a week, going from $41 to $51. The product looked like a winner. It would cost only $600 at a time when comparable equipment sold for about twice as much. With a gentle jab at a competitor, Adam was going to bite the Apple. But sales foundered when the machine turned out to be plagued with glitches. Even a price cut to $499 and several new features were not enough to save the product. Coleco President Arnold Greenberg last week...