Storage firm Syquest has suspended its operations and is considering filling for protection under Chapter 11 of the US bankruptcy rules, protecting the company from take overs and lawsuits while it regroups its business.
The company stopped trading on the US stock exchange last week. The move follows a troubled year for storage companies, with Syquest being hit particularly hard. Three months ago it said it would halve its worldwide workforce. Ironically, Syquest has just launched a USB socket version of its SparQ drive which, instead of its usual black look, will appear in red.
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