Geomag goes under

Swiss company Geomag has ceased operations after a lengthy search for financial backing.
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The magnetic toy company made its remaining 82 staff redundant last week.

The company is said to have been hurt by the safety issues surrounding the magnetic toys market and by competitors offering cheaper products.

Last year, privately held Geomag made a move into the preschool and corporate gift market in an attempt to change its fortunes. but the firm was unable to find sufficient financial backing to continue to make the company profitable.

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