RICHMOND, Va. (AP) -- German memory-chip maker Qimonda AG says it is closing its Richmond area plant, laying off about 1,500 employees.
A spokesman said Tuesday the company has begun ramping down operations at the plant and expects to be finished by April. A bulk of the layoffs will occur within the next month.
The shutdown of the Richmond plant will clear the way for the company to start making a new chip at a plant in Germany.
Qimonda declared bankruptcy earlier this month. The company said a drop in prices of the chips it produces and decreased access to financing led to the deterioration of its financial position.
Late last year, the company announced cuts of about 1,200 jobs at the plant, or 40 percent of the plant's work force.