Looks like this was another example of how making an incompatible floppy format helped doom a machine, just like the Victor 9000.
Wang is one of the great "boom, bust" stories of the Boston area. For a while I worked in the old Wang Towers in Lowell, three 12-story buildings. When the company went bust, the towers were basically abandoned for a while and bought be a company for $500,000 (I believe it was thought the property had serious contamination problems which proved false) and they renovated it and sold it amid the late 90s tech boom for $100 million.
Odd fact: the middle tower actually had 13 floors, but the 13th floor was number 14 (even high-tech companies are superstitious). So An Wang's office was actually on the 13th floor.