Both were leaders in their fields. But in back-to-back reversals of fortune, Wang Laboratories and Phar-Mor took refuge from their creditors in Chapter 11 of the U.S. bankruptcy code. Wang, whose word processors led the charge into office automation in the 1970s, said it would lay off 5,000 of its remaining 13,000 workers. The Massachusetts-based company had been piling up losses for years after missing out on the personal computer revolution. Big losers included the family of the late An Wang, who founded the company in 1951. From a peak of $1.6 billion, the family's stock dwindled in value to $50...
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