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80,259 News Articles

Pets.com joins list of online failures

There goes another one

Pets.com is as dead as a dodo.

The online pet-supply store brought down the ‘cybershuttters’ yesterday - adding another company to the growing list of dot-com failures.

The San Francisco-based company laid off 255 of its 320 employees and said it plans to try to sell off its major assets, including its Web site, product inventory, distribution centre equipment and its well-known sock puppet logo.

In Tuesday's announcement, Pets.com disclosed that it hired Merrill Lynch & Co. to locate prospective buyers but that "fewer than eight" of the 50-plus companies contacted by the investment banking firm were even prepared to visit the online retailer to explore a possible purchase.


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