Creditors demand MicroAge dismemberment
And succeed
Posted in Business, 2nd April 2001 13:59 GMT
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MicroAge, the stricken US hybrid distie/reseller is to close its doors for good, after creditors rejected its survival plan. The company will now sell its last remaining major asset, distributor Pinacor.
How the mighty fall. Microage was, only last year, listed as a Fortune 500 company with annual sales of $6bn. But sales growth were accompanied by losses - in six of nine consecutive quarters before it filed for bankruptcy protection last year. In December, it received approval to sell its reseller arm to Compucom.
MicroAge has or had a small presence in the UK, through a 25 per cent stake in a London computer dealership. ®
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