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Imation selling consumer electronic brands Memorex, XtremeMac

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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.

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