Rumor has it that TomTom, the famous GPS maker, might be heading to bankruptcy. Reportedly, the Dutch company has debt amounting to $1.4 billion because sales have been declining since last year.

Lagging behind Garmin, TomTom is not expecting any good to happen this year. They only expect flat sales according to TechPulse with up to 12 million uniits of sales in North America and Europe plus a $1.79 billion and $2.04 billion revenue this 2009.

This is bad news for the GPS gadget industry but hey, there is still hope.

[Link]