Wednesday June 13 6:37 PM ET
Baldwin Piano Cutting More Jobs
MASON, Ohio (AP) - Baldwin Piano & Organ Co. (NasdaqNM:BPAO - news) on Wednesday announced another round of job cuts as the 140-year-old piano maker reorganizes itself under bankruptcy court protection.
Management said it eliminated 24 positions at Baldwin's Greenwood, Miss., manufacturing plant, which is closing this month.
Last week, Baldwin cut 27 jobs at plants in Conway, Fayetteville and Trumann, Ark., as well as the corporate headquarters in Mason, 20 miles north of Cincinnati. Those moves left the company with about 700 workers.
The job cuts reduce Baldwin's payroll by $3.3 million, management said.
The company also announced the resignation of chief financial officer Duane Kimble, who joined Baldwin in 1998 under former chief executive officer Karen Hendricks.
Perry Schwartz, a former Baldwin chief financial officer, succeeds Kimble. Schwartz will be assisted by Financial Resource Associates Inc., a Cincinnati consulting company that specializes in corporate finance.
Baldwin filed for Chapter 11 bankruptcy protection May 31. The filing will allow Baldwin to continue operating while it develops a plan to put its finances in order and pay creditors.
Senior executives who took over Baldwin in May said the company was burdened with excessive inventory, severance agreements and executive compensation commitments and had problems with internal controls.
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