Skip to main content

Imation selling consumer electronic brands Memorex, XtremeMac

  • Author:
  • Updated:

Imation Corp. plans to sell its Memorex and XtremeMac consumer electronics businesses to focus on its data storage and security business, the Star Tribune reports.

“We are making dramatic changes in this company,” CEO Mark Lucas said during a conference call with analysts. “We are looking at every part of our organization in order to reduce operating expenses more than 25 percent over time.”

The Pioneer Press says the struggling data storage company based in Oakdale, Minn., posted a steep net loss of $310.2 million in the fourth-quarter. That's up from a $12.9 million loss during the same period last year.

For the full year 2012, Imation lost $340.7 million, an increase from its loss of $46.7 million the year before, according to a news release.

Last October, Imation announced it would cut one-fifth of its global workforce in the first half of 2013 after poor third-quarter figures.

The company also acquired Nexsan Corp., a maker of disk storage systems, last year for about $120 million in cash and stock.

Click here, to follow Imation’s stock performance.

Next Up


Man, 79, killed in ATV rollover near Faribault

The man was declared dead at the scene.

minneapolis police

Woman fighting for her life after shooting in Minneapolis

The woman was shot only about a half-hour after a 14-year-old suffered critical injuries in an apparent accidental discharge.

prior lake high school

Two students face discipline over racist messages at Prior Lake High School

Families and students were largely uncooperative with the investigation.

Sharon and Herb Vasser

Cause of Hopkins house explosion that killed couple revealed

Sharon and Herb Vassar were killed in the explosion. Herb built the home back in 1962.

Arrows on target

Charges: Minnesota camp counselor fired arrows at kids, injuring boy

An 8-year-old boy was shot in the arm with an arrow.

North Shore Mayor Chris Swanson.

Two Harbors votes overwhelmingly to recall Mayor Chris Swanson

The mayor had been scrutinized for several things leading up to the vote Tuesday.

Screen Shot 2022-08-10 at 8.43.50 AM

Suspected gunman at large after homicide near Albert Lea

The 32-year-old suspect was last seen in a 2004 white Ford F-150 with Minnesota license number EUZ-057.

Ettinger and Finstad

Brad Finstad (R) edges out Jeff Ettinger (D) in CD-1 special election

Finstad will serve out the remaining months of the late Jim Hagedorn's term, before facing Ettinger again in November.

Gov. Tim Walz and Scott Jensen.

Minnesota primary 2022: Results from MN's statewide, congressional races

Minnesotans have voted and set the stage for the November elections.

Omar Samuels

Rep. Ilhan Omar defeats Don Samuels in contentious primary

Unofficial results for one of Minnesota's most-watched primary races are in.

Ambulance Hennepin Healthcare

Boy, 14, critical after accidental shooting at Minneapolis apartment

Police say the shooting happened during a gathering at an apartment.