pets.com.disaster

pets.com.disaster - EC Marketing-Reading for Class 1 &...

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http://news.cnet.com/2100-1017-248230.html Pets.com latest high-profile dot-com disaster Published: November 7, 2000, 3:00 PM PST video | update Pets.com is shutting down its retail operations and laying off hundreds of employees, the company said Tuesday. Pets.com: What went wrong? The Amazon.com-backed company was the leading online pet store and was known for its wildly popular sock puppet spokesdog. The San Francisco-based company said it would sell off its assets, including its catchy URL and the rights to the sock puppet icon. "I am deeply saddened by this event," chief executive Julie Wainwright said in a statement. The company said in a notice on its Web site that it will continue taking orders until 11 a.m. PT Thursday. Pets.com plans to shut down its Web site that day, although it may delay the closure depending on its order volume, company spokesman John Cummings said. Some of the layoffs will be effective Tuesday, but Cummings said he did not know when the other employees would lose their jobs. Unlike some of its dot-com brethren, Pets.com has not filed for bankruptcy and has no plans to do so, Cummings said. Instead, the e-tailer will distribute the proceeds from its asset sales to its shareholders, he said. Although no one stepped up to the plate to invest in Pets.com this summer or buy it outright, Cummings said that several companies have already expressed interest in buying its assets. "It is well known that this is a very, very difficult environment for business- to-consumer Internet companies," Wainwright said. "With no better offers and avenues effectively exhausted, we felt that the best option was an orderly wind down with the objective to try to return something back to the shareholders." Pets.com is only the latest Internet company to join the dot-com death watch. Monday, Furniture.com said it had
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pets.com.disaster - EC Marketing-Reading for Class 1 &...

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