Craig Winn, Netrepreneur
COVER STORY (BUSINESSWEEK ONLINE : MAY 1, 2000 ISSUE)
Craig Winn, Netrepreneur
1977
Winn joins his father's firm, Winn Co., after graduating from the University of Southern California. Works as a manufacturer's rep, selling everything from garbage bags to pots and pans.
1986
Starts Dynasty Classics, a lighting company, which racks up sales of $30 million in its first year.
MAY 3, 1990
Brings Dynasty, based in Carson, Calif., public at $11.25 a share.
OCTOBER, 1993
Dynasty files for Chapter 11 bankruptcy.
MAR. 13, 1996
Winn launches Value America Inc. in Charlottesville, Va.
APR. 8, 1999
Brings Value America public at $23 a share. Stock soars to high of $74.25, making Winn's stake worth more than $1.1 billion, until closing at $55.19 per share.
1999
Lavish ad spending makes Value America the second- biggest dot-com advertiser behind E*Trade through September.
NOV. 23, 1999
Board ousts Winn as chairman. He begins dumping his shares into the market.
DEC. 29, 1999
Winn and partner Rex Scatena cast lone votes against board-approved restructuring plan that lays off nearly half the company's employees. Shortly afterward they resign their board seats.
MAR. 30, 2000
Auditors express doubts that company can survive as a going concern.
DATA: Business Week
Copyright 2000, by The McGraw-Hill Companies Inc. All rights reserved.
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