Gizmondo Europe Files for Bankruptcy

Tiger Telematics' European subsidiary filed for bankruptcy Monday after struggling to expand sales of its Gizmondo portable game device. The company plans to invest an additional $5 million in an attempt to restructure. It's not clear what affect the move will have on the Gizmondo's future.

"Gizmondo Europe Limited made a reduction in payroll of approximately 50% of monthly staff costs during the week prior to the court application to reduce overall operating expenses of the business and significantly improve its prospects for a successful turnaround," the company said in a securties filing.