Frank, Pravin
part of it due to their e-commerce venture gone sour. It must a bad week for intel admitting failures 1st rambus and now this
Regards
-Albert
Pandesic, Intel-SAP Internet Venture, to Wind Down Operations 7/28/0 16:19 (New York)
Pandesic, Intel-SAP Internet Venture, to Wind Down perations
Sunnyvale, California, July 28 (Bloomberg) -- Pandesic LLC, a joint venture of Intel Corp. and SAP AG that provides software and services for Internet commerce, said it plans to wind down operations because it doesn't expect to become profitable soon.
The Sunnyvale, California-based company, created in 1997 by Intel, the world's largest microchip-maker, and SAP, the world's largest maker of business-management software, said it will fire most of its 400 employees.
A spokeswoman for Pandesic said Harold Hughes, the company's chief executive officer, and Peter Wolcott, its president, have resigned, and that Catherine Yetts, an executive vice president, will serve as interim chief executive.
Some employees will continue to serve existing customers for an unspecified amount of time during a ``transition'' period, the company said.
Pandesic provides software, services, and hardware that link small and medium-size retailers to individual customers through the Internet. The company said it's been hurt by slower-than-anticipated demand for its business-to-consumer electronic-commerce products. |
