Business Services Industry
Irvine, Calif.-Based Graphix Zone Makes Drastic Changes.(Originated from The Orange County Register, Calif.)
Knight Ridder/Tribune Business News, April, 1997 by Sanders, Edmund
IRVINE, Calif.--Apr. 11--Money-losing CD-ROM maker Graphix Zone said Thursday that it is exiting the music business, replacing its president, moving most of its operations to Los Angeles and laying off one-third of its work force.
As if that weren't enough, the Irvine-based computer company -- perhaps best known for CD-ROMs featuring such artists as Bob Dylan and the artist formerly known as Prince -- decided to change its name to Ignite, and its stock fell 55 percent.
The restructuring caps several years of losses at the company, caused by high development costs and growing competition in the CD-ROM industry.
The company's new focus will be on brand-name computer games, such as the company's "Jeopardy!" and "Wheel of Fortune"...
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