Quaker Oats Announces Reorganization: Quaker Oats Co.,...

Quaker Oats Announces Reorganization: Quaker Oats Co., anticipating poor sales and earnings in its current fiscal year, said it will lay off hundreds of workers and reorganize the management of its largest division, U.S. grocery products. Chairman and Chief Executive William D. Smithburg said the Chicago-based firm expects flat or slightly lower sales and earnings for the year ending June 30. Smithburg said several hundred positions will be eliminated during the next fiscal year but did not say exactly how many or where cuts will be made.