OCZ has just issued a press release announcing their filing for bankruptcy, which was expected since Nasdaq had halted the trading of OCZ stock earlier today. OCZ has had financial issues for quite a long time and it was just a matter of time before the inevitable happened. While OCZ did try to change its course by reforming their product portfolio when Ryan Petersen, the former CEO of OCZ, stepped down, it seems that the efforts weren't enough to make the business profitable.
What happens to OCZ now depends on the completion of the Toshiba deal. Even if Toshiba completes the purchase of OCZ's assets, I doubt we'll see the OCZ brand anymore.
Source: AnandTech | OCZ Files for Bankruptcy - Toshiba Offers to Buy the Assets