Business Services Industry
Boulder, Colo.-Based Digital Book Publisher Seeks Cash to Stay Alive.
Knight Ridder/Tribune Business News, October, 2001
By Jennifer Beauprez, The Denver Post Knight Ridder/Tribune Business News
Oct. 17--Boulder-based netLibrary Inc., which released Stephen King's first online novel and once promised to revolutionize publishing, has run out of money and is looking for a last-ditch buyer of the business.
"We had an investor ready to go, and he changed his mind," said Marge Gammon, senior director of marketing for the digital book publisher. She declined to identify the investor.
"We're in a holding pattern, and we're hopeful," she said. "If this is going to unfold, it will be later this week."
The company, which raised $110 million from investors over the past three years, is cutting costs to keep alive. On Friday, the company's 230 employees were...
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