Complex sentence: In 1887, the company reorganized under the new name Western Clock Company and again went bankrupt, and F. W. Matthiessen reorganized it in 1888 as the Western Clock Manufacturing Company.
Split into simpler sentences: In 1887, the company reorganized under the new name Western Clock Company. The company again went bankrupt, and was reorganized by F. W. Matthiessen in 1888 as the Western Clock Manufacturing Company.