Retail Industry
Industry: Email Alert RSS FeedPets.com goes to the dogs - Brief Article
DSN Retailing Today, Nov 20, 2000
SAN FRANCISCO -- Pets.com announced earlier this month that it was ceasing operations. The company, which sold pet food and other supplies over the Internet, had lost large sums of money and found itself unable to raise more cash or find a buyer. As a result of the decision, the company terminated roughly 275 employees and intends to sell most of its assets, including rights to the well-known Pets.com puppet.
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The company went public in February, when it offered its common stock at $11 per share. Amazon.com was a large investor in the pet retailing venture, owning approximately 30% of the company.
COPYRIGHT 2000 Lebhar-Friedman, Inc.
COPYRIGHT 2000 Gale Group
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