Gizmondo Europe Files for Bankruptcy
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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.