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Gadzoox files for bankruptcy

Gadzoox Networks, a struggling provider of storage networking equipment, announced Friday it is taking steps toward a reorganization, which includes filing for Chapter 11 bankruptcy. The San Jose, Calif.-based company said it will continue its day-to-day operations, and it expects filing for bankruptcy will "alleviate some business distractions," allowing it to close new deals with customers and focus on restructuring. Part of the restructuring includes relocating its headquarters to a more affordable site. The company is exploring the possibility of additional financing; it listed assets of about $10 million and liabilities of about $14 million in its bankruptcy petition.