Pharmaceuticals Tapestry cuts staff, pursues bankruptcy

Boulder-based Tapestry Pharmaceuticals Inc. (Nasdaq: TPPH, 3.4 cents) has cut a majority of its work force and says it's hired bankruptcy lawyers.

The reduction in operations triggers severance payments to its executives, but the company said in a securities filing: "We have retained bankruptcy counsel and initiated steps to file for bankruptcy protection under Chapter 11 of the Bankruptcy Code, and we do not anticipate paying any of these severance costs prior to filing."

Tapestry said it had about $100,000 of cash and cash equivalents as of Friday and had liabilities of about $6.5 million.

Television Group: Retail sales staff

ill-informed on digital transition

Retail sales clerks are providing misleading information about next year's Digital Television Transition, according to the results of a survey released Wednesday.

On Feb. 17, 2009, all television stations will begin broadcasting in digital signals, meaning that analog televisions that receive over-the-air signals will go dark.

Consumer advocacy group CoPIRG said its secret-shopper surveys at 132 electronics stores in 10 states -- including Colorado -- revealed that 94 percent of salespeople provided inaccurate information about the converter boxes.

For more information about the transition, visit dtv.gov.

Internet Yahoo reportedly pursuing deal with News Corp.

Yahoo Inc. (Nasdaq: $29.88)is discussing a possible Internet partnership with media conglomerate News Corp.

Both The Wall Street Journal and a prominent blog, TechCrunch, reported that News Corp. is interested in folding its popular online social network, MySpace.com, and other Internet assets into Yahoo -- an idea that first came up last year. News Corp. owns The Wall Street Journal.