Personics Corp. of Redwood City has filed for bankruptcy protection after running short of cash in its efforts to introduce customized audiotaping in record stores. The company, launched with more than $27 million invested by Time Warner and Robert Bass, failed to complete a new round of financing last month. But Federal Court filing said new funding is still anticipated and listed an excess of assets ($8.2 million) over liabilities ($7.3 million).

Follow @Variety on Twitter for breaking news, reviews and more