3DO Trips up, goes titsup
Print storyFiles for Chapter 11
Posted in Personal, 29th May 2003 19:49 GMT
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3DO, the one time console firm turned games software firm, has filed for Chapter 11.
Trip Hawkins, chairman and CEO, said in a statement: "While we hope that this news will generate additional new opportunities, at this point we are focused on pursuing either the sale of the entire company or the sale of its assets."
In December last year, Hawkins announced that he was making a $10m loan to the company to see it through to profitability in 2003. But sales failed to take flight. Earlier this month, the company said it was evaluating options, after poorer sales than expected had prevented it from accessing a previously arranged credit facility. Perhaps this was the balance of Mr. Hawkins' money pledge?
3DO began life as a hardware console firm, but this went the way of the dodo in 1996. The DarkWatcher's Console History has this to say of the console:
As groundbreaking as the console was, the 3DO was also one of the most expensive systems ever released. At a whopping $700USD or more, this machine only seemed to attract the wealthy. Even after a few price drops, the 3DO never recovered from its initial reputation as a rich man's videogame system. ®
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