Tiger Telematics, the company responsible for the Gizmondo and other gaming related devices has officially filed for bankruptcy in the United Kingdom. The firm is expected to cut nearly 50 percent of their payroll in the United Kingdom as a result.
News pertaining to the affect on its US subsidiary has yet to be determined, but many associated with the company feel that a Chapter 11 file for bankruptcy is soon to follow. The company responsible for the Gizmondo, a largely unpopular portable multimedia and gaming device is said to be nearly 328 million dollars in debt as a result of failed business models pertaining to the handheld device and others similar. However, as of now, operations in the United States have continued as normal.
News pertaining to the future of the fledgling device as yet to emerge, but it is expected that the product line will be discontinued in the future as the company is up against tough competition from Sony and Nintendo with their various portable devices. We’ll update this story as soon as further details emerge. Stay tuned.
