Storage firm Syquest has suspended its operations and is considering filing for protection under Chapter 11 of the US bankruptcy rules.
The company stopped trading on the US stock exchange at close of play yesterday.
The move follows a bad year for all storage companies, but Syquest has been hit particularly hard. Three months ago, it said it would cut nearly half of its jobs worldwide but the hammer blow came last week when its credit facility was sharply reduced.
Although Chapter 11 is one alternative for Syquest, it may also be snapped up by another storage company, marking yet more consolidation in this business.
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