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Ottawa Citizen: Rebel Slips Into Receivership

Jul 13, 2001, 15:15 (3 Talkback[s])
(Other stories by James Bagnall)

[ Thanks to James Bagnall for this link. ]

Rebel.com is in trouble in the wake of a failed deal with Fuji:

"...Although Rebel last year generated sales of more than $40 million, it was suffering losses thanks to the heavy engineering and marketing costs associated with its Netwinder unit, which sells small office servers. Rebel was counting on the Fuji Xerox deal to significantly boost company revenues. It's possible that the Tokyo firm -- a joint venture owned by Fuji Photo and Xerox Corp. -- was also preparing to sink new equity into Rebel.

Fuji Xerox and Rebel are understood to have signed detailed letters of intent in the spring covering a number of future business dealings such as manufacturing and distribution. It's not immediately clear why the business arrangement fell apart so suddenly.

With Fuji out of the picture, Rebel was left with no option but to advise its primary creditors. The company's senior executives resigned on Tuesday, and KPMG was appointed receiver yesterday."

[ KPMG has one of the more horrible corporate anthems you could ever hope to experience. -ed. ]

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