OCZ files for bankruptcy; Toshiba offers to buy most of its assets

One of the biggest suppliers of solid state drives has announced it has filed for bankruptcy after months of financial problems. San Jose, California-based OCZ Technology revealed its plans on Wednesday, along with a buyout offer from Toshiba.

OCZ released a number of other PC hardware products over the years since it launched in 2002, and even acquired a gaming PC maker, Hypersonic PC, in 2004. In later years, it gained a lot of fame as one of the biggest suppliers of consumer SSDs as prices for those storage drives started to come down. In fact, OCZ released the first 1 TB SSD back in 2010.

However, the past couple of years have not been kind to OCZ, as competition from larger companies like Samsung, combined with a shortage of NAND flash memory chips, impacted sales of the company's SSD drives. Wednesday's press release would seem to signal the end of OCZ as we know it as the company revealed that Toshiba has a pending offer to buy most of its assets.

The specific financial terms of the offer were not disclosed. If the deal does not go through, OCZ says it plans to liquidate its assets. Even if the deal with Toshiba goes through, there's no guarantee that the current warranties on current OCZ products will be honored.

Source: OCZ | Image via OCZ

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