HP Co. this week said it may resurrect the TouchPad tablet after a clearance sale prompted strong consumer demand for the product.

Todd Bradley, executive vice president of HP’s Personal Systems Group, told Reuters this week that it may resurrect the discontinued tablet.

“Tablet computing is a segment of the market that’s relevant, absolutely,” Bradley said.

The Palo Alto, CA-based company said this week it will manufacture a limited quantity of TouchPad tablets in the fiscal fourth quarter of 2011, which ends Oct. 31, to meet demand.

HP previously said it would end the manufacture of webOS devices in the fourth quarter.

In addition, HP told CNET this week that current TouchPad owners will receive a new software update that will add new functionality to the hardware.

Customers who signed up for an email request notification via HP.com will be updated when availability specifics are available.

HP is considering a spinoff of the Personal Systems Group, which has held as the No. 1 PC business against low net profits.

HP Aug. 19 price cut the TouchPad 16GB SKU to $99.99 from $499.99 and the 32GB SKU to $149.99 from $599.99.

The discount prompted strong consumer demand at nationwide retailers, including Best Buy Co. Inc., Barnes & Noble Inc., and Wal-Mart Stores Inc., all of which have sold out of the device.

HP released the TouchPad tablet series in July in a Wi-Fi 16GB SKU and 32GB SKUs to compete against Apple Inc.’s iPad which has dominated the tablet market since launch in 2010.

Both include a 1.2Ghz Qualcomm Snapdragon Dual-Core CPU, 1GB RAM, and the webOS operating system in a 1.6 lb. device.

Despite powerful specs, the TouchPad held tepid demand at launch.

Current competitors in the tablet space include Acer Inc.’s Iconia and Transformer SKUs, Samsung Group’s Galaxy Tab, and Motorola Mobility Inc.’s XOOM.

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