Electrograph to Shut Down
Electrograph Systems, Inc. said last week that its board has decided to enter a liquidation process, prior to shutting down. In an announcement posted to its Web site, the company said that it took the course of action after an unsuccessful attempt to sell the company.
Electrograph laid off 75 employees Friday. The remaining employees will stay with the company through the wind-down process.
“We are very disappointed with this outcome," CEO Alan Mark Smith said as part of the announcement. "There were a number of factors leading to this result including poor economic conditions and constrained access to vendor credit. After exploring all other possible avenues for sustaining the company, including an unsuccessful sale process, our board decided this was the only path for our company.”