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"This is the initial phase of an orderly voluntary liquidation of both companies," Commodore said in a brief statement.
Commodore International Ltd., a pioneer in the personal computer industry, said last night it is going out of business.
The company plans to transfer its assets to unidentified trustees "for the benefit of its creditors" and has placed its major subsidiary, Commodore Electronics Ltd., into voluntary liquidation.
"This is the initial phase of an orderly voluntary liquidation of both companies," Commodore said in a brief statement.
The company last month reported an $8.2 million loss for the quarter ending Dec. 31 on sales of $70.1 million. A year earlier, Commodore lost $77.2 million on sales of $237.7 million in the same period.
The company's net worth turned negative in the fiscal year ended last June 30.
In the latest report, Commodore said financial limits had thwarted its ability to supply products.
Copyright Post Gazette Publishing Company Apr 30, 1994