Moore Becomes Less
The once undisputed king of the forms industry has fallen upon hard times. Plagued by unchecked costs and flagging U.S. sales, Moore Corporation has suffered a series of quarterly losses, causing its board of directors to take serious action.
Following its third quarter $7.9 million loss, the company accepted $70.5 million of subordinated convertible debentures from an investment group led by Theodore Ammon. Some of the strings attached to the investment were the addition of four new seats to the board of directors from Ammon's group, including Robert Burton, who has been named president and CEO of Moore.