Xerox finantial scandal

What is XEROX? Xerox Corporation is a $15.7 billion technology and services enterprise that helps businesses deploy smart document management strategies and find better ways to work. Its intent is to constantly lead with innovative technologies, products and solutions that customers can depend upon to improve business results. Xerox provides the document industry's broadest portfolio of offerings. Digital systems include color and black-and-white printing and publishing systems, digital presses and "book factories," multifunction devices, laser and …

…But quick attempts to overhaul hidebound culture backfire. Earnings and shares plummet. U.S. inkjet printer sales hit $5.2 billion, with 50% controlled by Hewlett-Packard. Xerox logs 2% share. MARCH, 2000 Announces 5,200 more layoffs. MAY, 2000 Allaire ousts Thoman and returns as CEO. DECEMBER, 2000 Reports largest quarterly loss under Allaire. Stock hits $7. JANUARY, 2001 Announces 4,000 layoffs. Company again forced to deny it has plans to file for Chapter 11 bankruptcy. Leveraged buyout firms begin serious discussions for a minority stake in Xerox.