eToys death sentence confirmed
A million Barbie dolls weep
eToys has given up the ghost and admitted it will end its tortured existence on April 6.
The e-tailer said it would lay off its remaining 293 staff in California and Virginia, adding there was no guarantee its existing cash would last until March 31, as previously forecast. This is, of course, unless its knight in shining armour comes along - which even eToys said is not expected hto appen.
The company is also on the verge of being de-listed by NASDAQ - the exchange sent it a warning because its shares had failed to reach the minimum $1 price over a period of 30 consecutive trading days. It threatened to remove the dotcom by May 2 unless it was able to improve its performance. A bit irrelevant, now.
Last year, execs at the online toy merchant warned it would run out of cash at the end of March. From there its demise was pretty speedy, and at the start of this month it shut its doors in Europe, then cut around 60 per cent of staff.
In dotcom related news, letsbuyit.com today announced it had managed to net the $49.6 million it needed to stay afloat from a consortium of backers. ®