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Technology Stocks : Adaptec (ADPT) -- Ignore unavailable to you. Want to Upgrade?

To: The Philosopher who wrote (4018)	11/3/1998 4:58:00 PM
From: Jim Switz	Read Replies (1) \| Respond to of 5944

Sure, Chris; here's the NYT text. This is particularly ironic because a few years ago, SyQuest came within a whisker of forcing Iomega out of business with their removable drive that made Iomega's Bernoulli boxes pretty much obsolete. Then came the Zip drive, and the rest is history: Disk Drive Maker SyQuest Shuts Down Filed at 10:07 a.m. EST By The Associated Press FREMONT, Calif. (AP) -- SyQuest Technology Inc., a money-losing maker of computer disk drives, has suspended operations and may file for bankruptcy. On Monday, SyQuest asked the Nasdaq Stock Market to halt trading in its stock, which was valued at just 34 cents, down from $4 a year ago. In the mid-1990s, SyQuest invested in removable disk drives that let users transfer about 100 megabytes of information from one computer to another. But the company's products quickly fell behind similar Zip drives marketed by Iomega. This year, SyQuest attempted a comeback with a removable drive that held more data, but it also failed to catch on. The company fired 950 workers, or half its staff, in August. Last year, the company lost $68.7 million on sales of $122.72 million, which was down from a peak of nearly $300 million in 1995. In its latest quarter, SyQuest reported a loss of $42 million. SyQuest said it plans to maintain limited support for its customers but did not offer details. The company also did not say whether it will retain any employees.