OCZ Declares Bankruptcy – Toshiba Interested In Its Assets

OCZ has had a very troublesome year, the year in which they fought with inherited issues, where their first big problem occured in February 2013. OCZ was then thrown out of the stock market since they failed in providing an acceptable profit report  for  the first quarter of 2012. This, of course had a heavy blow on the business dealings of the company and has caused pure rage with the stock holders.

 

OCZ building OCZ Declares Bankruptcy   Toshiba Interested In Its Assets

 

The Company’s new CEO Ralph Schmitt managed to cover up this problem but not all of the others. When they fixed problems with the bookkeeping they encountered the problem with sales.  This has resulted in a profit decrease, and is expected by the end of February this fiscal year the revenue will drop by 55% to $149 million.

 

OCZ bankroptsy OCZ Declares Bankruptcy   Toshiba Interested In Its Assets

 

Long story short, the announcement of the fate of OCZ is official today. Today, the stock has closed with a 75% drop in value at 16 cents. However, Toshiba is interested in acquiring OCZ assets, but OCZ has stated that there are a number of conditions required to be fulfilled in order for this to take place, such as retention of current workforce. Once the deal has been made OCZ will file for bankruptcy.

OCZ has made alot of bad business decisions such as releasing SSD’s without adequate firmware, which has given this company a bad name throughout the years, which at the end has brought it to its knees.