History (1996): Memorex to Sell US Operations

Memorex Telex NV (Amsterdam, The Netherlands) had already filed a US Chapter XI bankruptcy petition for reorganization in 1994, a petition that included its U.S. subsidiary.

This time, the US operation has filed independently for protection under Chapter XI.

The Dutch home office has consequently chosen to put the subsidiary on the market. The U.S. division, with headquarters in Irving, TX, employs 1,700 people located in 106 offices around the country.

“Discussions are underway with several potential buyers for all US lines of business, which include service, networking and storage solutions,” said Memorex Telex N.V., which plans to reorganize around the operations in Europe, Canada, Israel and Latin America.

The company had previously sold off its Asia Pacific operations last July for $25 million.

This article is an abstract of news published on the former paper version of Computer Data Storage Newsletter on issue 106, published on November 1996.