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Boo goes bust

Just the beginning, says PwC

Boo.com has collapsed, earning the title of first high profile ecommerce casualty, while PricewaterhouseCoopers (PwC) has warned this trickle could soon be a flood of dying dot coms.

The online fashion retailer collapsed after it failed to raise the £20m in additional funding needed to keep the business afloat. 300 UK jobs were lost.

It was initially launched last year with £80m in funding, much fanfare and many delays due to technical problems.

The company suffered cash flow problems and failed to attract high volumes of customers - largely due to the high bandwidth required to satisfactorily access the site.

The report from accountancy giant, PwC, revealed that up to 25 per cent of e-commerce companies could fail within the next five months as they run out of cash.

It follows a wave of recent analyst warnings about the fragility off the dot com economy.


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