Giz goes into liquidation
The dream is finally over.
What an adventure it's been. First there was the glamorous London launch party, attended by no less than Sting and at least one member of Girls Aloud. Then came the flagship Regent Street store, expensively kitted out with all manner of designer fixtures and fittings and never once housing more customers than staff. And the fun never seemed to stop - GPS! EA games! "Smart Adds"! Dodgy connections with the Swedish mafia!
But now, the dream is over. It's been announced that the High Court has refused Gizmondo Europe's application for administration, and the company has officially gone into liquidation.
Two liquidation firms have been appointed to sort out the mess, and Gizmondo's parent company, Tiger Telematics, reckons things aren't looking too good for any Gizmondo employees who failed to realise there was a giant hole in the side of the ship until now.
They'll all be down the dole office shortly, according to Tiger, and operations such as the Gizmondo customer support service will be wound up quick smart. The liquidators are also expected to sell off all assets, though it's not clear exactly what these might consist of or whether they've set up an eBay account yet.
This, combined with the previously announced liquidation of Gizmondo's development studios in Sweden and Manchester, is expected to generate around USD 72 million - enough to cover around 80 per cent of the company's liabilities.
Technically speaking, Gizmondo's US arm is still operating - but the future is not looking bright and Tiger Telematics is currently considering "available options with its Texas games studio subsidiary and its kiosk sales units."
Who could have foreseen this eventuality? How strange life is. Farewell, Gizmondo, we'll miss thinking up those filthy headlines.
