First: the ZX81 was not a "Timex Sinclair" product on the day of its launch because Timex didn't get a licence to manufacture it in the USA until the following year.
Second: Sinclair Research was never (again, unless someone can correct me) a "Timex Corporation"!
If it had been, it wouldn't have gone conclusively bust and been given a new life by Grumpy St Alan of Sugar, the brave champion of British national technology pride.
"Timex Sinclair" was the US licensing venture (not the maker).
Timex pulling out of that deal (because the Spectrum was understandably too British in spirit to easily flog to a market that had birthed the Apple II and where the C64 was cheaper) is arguably the start of Sinclair's slow-building battle against the tide.
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[0] Important in the sense that I, as a Brit of a certain age, must correct them in the interests of a kind of battered and timeworn national pride.
I would put these corrections in comments on the original article, but that would mean having a Disqus account, and in my experience that ultimately means encounters with trolls.