<HTML><FONT FACE=arial,helvetica><FONT SIZE=5><B>Baldwin Piano Cutting More Jobs
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<BR>MASON, Ohio (AP) - Baldwin Piano & Organ Co. on Wednesday announced another
<BR>round of job cuts as the 140-year-old piano maker reorganizes itself under
<BR>bankruptcy court protection.
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<BR>Management said it eliminated 24 positions at Baldwin's Greenwood, Miss.,
<BR>manufacturing plant, which is closing this month.
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<BR>Last week, Baldwin cut 27 jobs at plants in Conway, Fayetteville and Trumann,
<BR>Ark., as well as the corporate headquarters in Mason, 20 miles north of
<BR>Cincinnati. Those moves left the company with about 700 workers.
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<BR>The job cuts reduce Baldwin's payroll by $3.3 million, management said.
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<BR>The company also announced the resignation of chief financial officer Duane
<BR>Kimble, who joined Baldwin in 1998 under former chief executive officer Karen
<BR>Hendricks.
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<BR>Perry Schwartz, a former Baldwin chief financial officer, succeeds Kimble.
<BR>Schwartz will be assisted by Financial Resource Associates Inc., a Cincinnati
<BR>consulting company that specializes in corporate finance.
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<BR>Baldwin filed for Chapter 11 bankruptcy protection May 31. The filing will
<BR>allow Baldwin to continue operating while it develops a plan to put its
<BR>finances in order and pay creditors.
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<BR>Senior executives who took over Baldwin in May said the company was burdened
<BR>with excessive inventory, severance agreements and executive compensation
<BR>commitments and had problems with internal controls.
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