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Updated 08/08/01 MOSLER INC. TO CEASE ALL OPERATIONS Sources: www.mosler.com and www.diebold.com
Mosler Inc., an integrator of security systems and services, announced on August 3rd that it had ceased all operations in order to engage in an orderly liquidation of its assets. It filed for Chapter 11 protection on August 6.
The company said that it had been operating with a large debt burden for some time. Additionally, Mosler faced a number of operational challenges related to the unsuccessful implementation of a new computer system and the integration of its acquisitions made over the last several years.
Substantially all of the approximately 1,800 Mosler employees were terminated immediately. The company retained only a small core group of employees to assist in the liquidation process.
Mosler said that it explored a number of actions, including a sale of the company and various restructuring alternatives. The company said that despite its best efforts, it was determined that an orderly liquidation of the business became its only alternative.
In terminating its operations, the management of Mosler expressed its sincere appreciation to the employees of the company for their hard work and dedication and to Mosler customers for their many years of loyalty. Diebold, Incorporated announced on the 3rd that it is implementing programs to support security and service customers in the wake of the announcement today by Mosler Inc. to cease operations and liquidate its assests. "We will make every attempt to respond quickly to immediate customer needs arising from this unfortunate situation," said Walden W. O''Dell, Diebold chairman, president and CEO. "We are also greatly concerned about the 1,800 former employees of Mosler and will make every effort to accommodate as many of them as possible in our organization as we expand our service operations to meet increasing customer service requirements, support and operational needs."
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