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High performance computing specialist Silicon Graphics(SGI Quote) is the latest tech stalwart to buckle under the strain of intense competition and a tough economy.
The server and storage manufacturer filed for Chapter 11 early Wednesday and announced an agreement to sell "substantially all" of its assets to Rackable Systems(RACK Quote) for just $25 million in cash.
Shares of Silicon Graphics plummeted in response to news of its bankruptcy filing and sale. The company's stock, which had already taken a pounding during the last 12 months, plunged 23 cents, or 56.1%, to close at 18 cents Wednesday. ...
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