updated 12:15 pm EDT, Tue April 21, 2009
Ugboe files for bankruptcy
Ugobe, maker of the Pleo robotic dinosaur, has closed its doors, let its workers go and filed under Chapter 7 of the federal bankruptcy code in hopes to liquidate its assets on Friday, a Monday report says. The company, based in Eagle, Idaho, had sold 100,000 units at $200 each but had been unable to generate enough money to keep the company afloat without help from an outside source.
The bankruptcy filing shows Ugobe has $1.6 million in assets, with $1.5 million in the form of production machinery in Hong Kong. Liabilities sit at $3.6 million; wngineer, inventor and company CEO Caleb Chung is also owed $353,500 in unpaid royalties from Ugobe. A creditors meeting is set to take place on May 21st.
Before Pleo, Chung created the Furby toy, with total worldwide sales topping 50 million.