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Gizmondo Europe to be liquidated

Ryan Block, @ryan
02.07.06
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So we last left off with Tiger Telematics UK going to bankruptcy court in its home country, the UK, as things for them took a decided turn for the worse -- debts piling up, revenues low as ever, layoffs and cutbacks in line. Since then further hearings have occurred, which have led Tiger to turn over Gizmondo Europe for liquidation, and it looks like they're assuming the worst. As in: all GE employees would be released and operations would completely shut down. Of course, if Tiger Telematics can come up with the cash quickly enough -- and supposedly they're trying -- they can buy back Gizmondo Europe from the liquidators; but after this, the closure of their Helsinborg, Stockholm, and Manchester game studios, and their flagship store, things are looking falling-house-of-cards-grim for the console maker these days. And still Gizmondo trudges on in the US.

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