German memory manufacturer Qimonda is having a rough time. Qimonda which is a spinoff of Infineon has been having financial problems for some time and has just announced that it will be closing down it Richmond, Virginia factory.
This move will also put about 1,500 people out of work at a time when there are few jobs to be found in the US. Qimonda does not have much choice though as they have been refused aid from the EU.
Right now Qimonda is looking for investors to help keep themselves afloat. If they are unable to find help Qimonda, which is has already filed for bankruptcy will end up being liquidated.