Zytrex said it is halting day-to-day operations.
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The company also announced that it was laying off all but a few of its 155 employees. “The company will continue to function under Chapter 11 and is currently seeking a merger partner,” Zytrex President J. Leland Seely said in a statement. The Sunnyvale, Calif.-based firm was incorporated in 1981 and had a loss of $9.4 million on revenue of $7.1 million in its first full year in 1984. It filed for Chapter 11 protection April 29.
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