Neonode Files for Bankruptcy
Neonode AB, maker of the N2 handset and a wholly-owned subsidiary of Neonode Inc., has filed for bankruptcy protection in Sweden. The N2 is a small, touch-based handset for GSM networks. Neonode's CEO said, "For the past six months we have focused on turning the business around and solving the financial situation of Neonode AB. We continue to have great belief in our technology and believe we have a competitive product in the Neonode N2 but without sufficient funds we cannot continue operations." This makes the future of the N2 and any subsequent products uncertain.
RadioShack Declares Bankruptcy, to Sell Stores to Sprint
RadioShack today filed for Chapter 11 bankruptcy protection and signed an agreement to sell approximately 1,750 of its stores to Sprint. Under the terms of RadioShack's Chapter 11 filing, RadioShack will sell the stores to Sprint and General Wireless, a subsidiary of one of RadioShack's major investors.
LeEco Buys Vizio for $2 Billion
LeEco today announced plans to acquire Vizio for $2 billion. LeEco is a China-based TV, content, and phone maker, while Vizio is a U.S.-based TV maker.
Sony Still Weighing Sale of Smartphone Business
Sony today announced plans to spin off its audio and video business into a separate company. The unit will take the form of a wholly owned subsidiary of Sony.
Ailing LeEco Will Layoff 325 U.S. Employees
LeEco today said it will largely erase its corporate presence in the U.S. as it refocuses its efforts here.