Here we go...copied from the article Gizmondo Europe, the company that makes Britains answer to the Sony and Nintendo handheld games consoles, was placed in administration at thre weekend, as part of a refinancing arrangement. The firm has negotiated a $5m (£2.8m) bridging loan, but this is drawable only once it has completed on a $50m loan from hedge funds. Gizmondo Europe has already cut its employee headcount by half as part of the plan. Tiger Telematics, the US listed company behind Gizmondo, launched the gadget in Britain and opened a flagship store in Regent Street last March in a star studded affair led by singer Sting, and American launch followed in October. The European arm posted a £49m loss in 2004. Last years accounts have yet to be published. So now I`d better start hunting down where they are and seeing where the kit`s etc may be sold off or thrown out :thumbsup:
Where was I for this? I certainly haven't heard or seen these here in the States. I knew they were available in Europe, but I've never even seen so much as a poster for one of these in a game store here.
Somehow i ended up in a CompUSA by pure coincidence on the Gizmondo launch day. They had a sales rep there giving out swag and a couple of demo units. I stood around and played "stump the sales rep" until i got bored. I think i have a key ring and a hat... And in my own defense, i don't normally go into compUSA, but they had a sale on PS2 controllers, 3 for $10.
Hurray, should mean the consoles will be available on the cheap. I'll pick one up when they hit about £50, one for the collection...
Following its continued and highly publicized issues, at the close of business on Friday January 20, 2006, Tiger Telematics subsidiary and handheld game hardware company Gizmondo Europe filed a High Court application for administration in the United Kingdom. According to an SEC filing in the U.S., the application "provides Gizmondo Europe with a moratorium in order to affect a financial restructuring of the business." Gizmondo Europe will have a court hearing on 31 January 2006 to grant the administration order. During the interim period, Gizmondo Europe is immediately subject to protection of the Court and all enforcement actions of creditors are automatically stayed. The statement also reveals significant layoffs at the company and the apparent funding of a bridge loan, commenting: "The Company intends to use funds from its recently announced $5 million bridge loan to reinvest in the business in the in UK and to restructure the overall debt of the European business. 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." However, the statement also revealed that Gizmondo Europe will continue to 'trade as normal', but "anticipates a similar action in Sweden for the game subsidiary of Gizmondo Europe and for the Company's Gizmondo Studios, Sweden AB subsidiary within the next few days." However, the limited operations and sales under its Gizmondo USA division will not be affected by this announcement. Gamaustra source
