Bumstead, You're Downsized!

The nation's businesses are currently issuing their 1993 annual reports, with prose carefully crafted by some of America's top public-relations specialists. A reader's key:

COMPANY

SEARS

ANNUAL REPORT STATEMENT

"Our dramatic downsizing certainly attracted a lot of attention over the last 18 months."

TRANSLATION

50,000 layoffs

COMPANY

IBM

ANNUAL REPORT STATEMENT

"Shortly after I (CEO Louis Gerstner) joined the company, I set as my highest priority to right-size the company as quickly as we could."

TRANSLATION

35,000 layoffs

COMPANY

BOEING

ANNUAL REPORT STATEMENT

"Boeing continues to take the steps necessary to adjust to the market downturn."

TRANSLATION

28,000 layoffs

COMPANY

PHILIP...

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