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Maker of Olevia LCD TVs files for bankruptcy
Syntax-Brillian, one of several smaller LCD TV makers to use club store sales to do an end-run around the category's traditional leaders, has filed for bankruptcy.
The Tempe, Ariz.-based Olevia television and Vivitar digital camera maker, filed for protection from creditors in a Delaware court following a year of missed sales targets, leadership changes, and accounting problems, according to Reuters.
The company's stock has dropped more than 90 percent in the last year, and its efforts to refinance and raise additional financing were unsuccessful. With just eight employees left at headquarters, it has ceased operations.
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