Anaheim, Calif.-based storage peripheral manufacturer
QPS Inc. has filed for Chapter 11 bankruptcy protection, a company official confirmed today for MacCentral.
“We’re continuing operations and we’re still functioning,” said the executive. He confirmed that QPS is retaining all its employees, is continuing manufacturing, sales and support of its products and is developing new products that it hopes to introduce later this year.
Chapter 11 bankruptcy protection provides individuals and businesses with a means of reorganization, rather than complete liquidation. This allows businesses that file for Chapter 11 protection to continue to operate as they develop a reorganization plan and come to a binding agreement with their creditors.
QPS Inc. was founded in 1995 and makes a variety of storage peripherals for the Macintosh and Windows PCs. Its products include CD-RW, DVD-R and fixed hard drive storage devices for FireWire, USB 1.1 and 2.0, and IDE interfaces.