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SyQuest Technology
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===Bankruptcy=== In early 1996, the company cut 60% of its workforce;<ref>{{cite news |newspaper=[[The New York Times]] |url=https://www.nytimes.com/1996/02/03/business/company-news-syquest-to-cut-60-of-work-force-and-post-a-loss.html |title=SyQuest to cut 60% of work force and post a loss |date=February 3, 1996}}</ref> later that year, company namesake Syed Iftikar was fired "in a management shakeup."<ref>{{cite news |newspaper=[[BizJournals]].com (San Jose) |url=https://www.bizjournals.com/sanjose/stories/1997/07/07/story7.html |title=SyQuest charges founder with theft of trade secrets |author=Pete Barlas |date=July 6, 1997}}</ref> After 1997, SyQuest did not fare well in the market. Their core desktop publishing customers began increasingly to use [[CD-R]] media and [[File Transfer Protocol|FTP]] to transfer files, while [[Iomega]]'s [[Zip drive]]s dominated the [[small office/home office]] (SOHO) market. Over the period 1995 to 1997, sales declined, resulting in a series of losses. In the first quarter of 1997 those losses had been reduced to $6.8 million with net revenues increasing to $48.3 million. This compares to a net loss of $33.8 million, or $2.98 per share, on net revenues of $78.7 million for the same period the year before.<ref name="FOLDOC" /> They company laid off half of its staff in August 1998 before filing for bankruptcy by the end of the year.<ref name=SyQuestdownhill.NYT98>{{cite news |newspaper=[[The New York Times]] |url=https://www.nytimes.com/1998/08/08/business/company-news-syquest-technology-to-cut-50-of-staff.html |title=SyQuest Technology to cut 50% of staff |date=August 8, 1998}}</ref><ref name=SyQuestBankrupt.NYT/> Portions of the company were purchased by [[Iomega]] Corp. in January 1999, with SyQuest retaining the right to sell its remaining inventory on condition of renaming themselves SYQT. While the company's original ''syquest.com'' website continued to provide technical support for its original products until 2003, its rebranded ''syqt.com'' website became a digital disk drive and media retailer. By 2009 that website ceased to exist, with its domain (www.syqt.com) put up for sale in the Chinese market.
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