DataPlay, Unable To Get Funding, Files Chapter 11
DataPlay Inc., which has been attempting to market a new music format, has filed for Chapter 11 bankruptcy reorganization. The Boulder, Colo.-based company filed the motion last week in U.S. Bankruptcy Court in Denver, then reportedly shut down operations and eliminated its remaining staffers, after
failing to secure $50 million in needed financing. The company--whose coin-size recording/playback system holds up to 500 megabytes of music--last month "furloughed" its staff of about 100 employees and warned that it would cease operations if didn't find additional funding (Bulletin, Oct. 1).
The move comes just one week after the first DataPlay releases hit stores from BMG (Bulletin, Oct. 14). Among the artists whose albums were shipped to stores were Pink, Usher, Adema, Sarah McLachlan, Outkast, Avril Lavigne, Brooks & Dunn, Kenny Chesney, 'N Sync, Britney Spears, R. Kelly, and Aaron Carter. DataPlay hardware is available at retailers including CompUSA and Circuit City.
At deadline, representatives from DataPlay were unavailable for comment.
The move comes just one week after the first DataPlay releases hit stores from BMG (Bulletin, Oct. 14). Among the artists whose albums were shipped to stores were Pink, Usher, Adema, Sarah McLachlan, Outkast, Avril Lavigne, Brooks & Dunn, Kenny Chesney, 'N Sync, Britney Spears, R. Kelly, and Aaron Carter. DataPlay hardware is available at retailers including CompUSA and Circuit City.
At deadline, representatives from DataPlay were unavailable for comment.
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