Business Services Industry
Upscale after downsize.(Brief Article)
Crain's New York Business, February, 2001 by souccar, miriam kreinin
When kozmo.com opened its doors in 1997, offering free delivery of low-cost items like a video and a bag of chips in under an hour, city dwellers thought it was too good to be true. It was. The Manhattan-based service has burned through $290 million in venture capital, laid off 459 employees and nearly shut down entirely in its three-year history.
But instead of closing its doors like competitor Urbanfetch.com, Kozmo has quickly restructured, earning enough trust with its primary financier, Flatiron Partners, to get a $30 million infusion last month. In addition to closing two of its less profitable operations-in San Diego and Houston-Kozmo has refocused its business on delivering more expensive items like prepared food and liquor, targeting older, more...
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