Advertisement
YOU ARE HERE: LAT HomeCollections

SAN DIEGO FINANCIAL NOTES

January 29, 1988

Celerity, a manufacturer of high-powered computers, said it will make a "substantial reduction in its work force" effective today. The company also said it needed to raise $2 million "in the near future to continue operations." Celerity said it will need additional funds later in 1988 to continue.

Celerity executives did not return telephone calls Thursday for additional details on the capital shortage and planned cutbacks.

The company said in a prepared statement that a major cause of the cutbacks is "delays in receiving critical semiconductor parts from a sole-source supplier." The parts were to have been used in the Celerity 6000, a computer that was to have been shipped beginning in first quarter of 1988. Now, shipments will not occur until at least after the first half of 1988, the company said.

Advertisement
Los Angeles Times Articles
|
|
|