Cisco to close Flip business; cut 550 jobs; take $300M Charge — from by Eric Savitz

Cisco Systems (CSCO) this morning announced a multi-part plan to revamp its consumer business, including shutting down the Flip video camera business. Cisco bought Pure Digital, the company that originally made the Flip, for $590 million in 2009. While the Flip line has admirers, the widespread availability of video-capable mobile phones undermined demand for the kind of simple stand-alone video cameras offered in the Flip business.