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Non-Tech : Tulipomania Blowoff Contest: Why and When will it end?
YHOO 52.580.0%Jun 26 5:00 PM EST

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To: RockyBalboa who wrote (3167)11/7/2000 1:29:38 PM
From: Sir Auric Goldfinger  Read Replies (3) of 3543
 
Pets.com Fires Most Employees and Says It Will Close OperationsSan Francisco, Nov. 7 (Bloomberg) -- Pets.com Inc., an
Internet retailer of pet food and supplies, said it fired most of
its workers and will close after failing to find a buyer.
The company, whose shares have dropped more than 93 percent
since its initial public offering in February, cut 255 jobs, or
about 80 percent of its 320-person workforce. Pets.com didn't
specify when it would close its Web site in a press release issued
by Business Wire.
Pets.com, known for its advertisements with a sock-puppet
dog, said fewer than 8 of the more than 50 companies contacted to
either provide cash or buy the company were prepared to visit it.
Pets.com had hired Merrill Lynch & Co. to help it explore options.
Spokesman John Cummings didn't immediately return a call for
comment.
Shares of San Francisco-based Pets.com rose 6 cents to 72
cents before trading of the stock was halted in the early
afternoon.

--Courtney Schlisserman in the Princeton newsroom (609) 279-4135
or cschlisserma@bloomberg.net/cod
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