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that is indeed sad news.
not sure it's a big shocker, though. when i first became interested in an ebook reader, i simply couldn't afford an irex. it's not like they cost a little more than my cybook - they cost a lot more. i never even knew they had come out with a cheaper model because in my head their brand was equated to the highest prices. that's not a good thing in a consumer market.
btw, blockbuster video went chapter 11 in the early 90's, and they've been around an additional 18 years or so, so some businesses do pull through.
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