Ready2shop.com, which was launched last year with £5 million
venture capital funding, is hoping to continue its off-line
operations, providing fashion content to print publications and
television. It hopes that a change in future market conditions will
make additional VC funding more likely.
The company's business plan predicted profitability in 2002.
However, according to FT.com, the company’s only on-line revenue
came from a £600,000 one-year sponsorship deal with Cable and
Wireless.
A report by San Fransisco-based WebMergers observes an
accelerating rate of closures in internet companies worldwide.
Closures have accelerated in November with 21 companies closing in
the first half of the month. That compares with 22 shutdowns for
the entire month of October, which was the highest month to
date.
According to the report, 75% of failed dot.coms were in B2C
sector. 26 B2B companies also folded. 60% of the total were
e-commerce companies. Content properties constituted 25%.
About 8,000 employees lost their jobs as a result of the company
closures, according to Webmergers' estimates.
Nearly 35% of shutdowns were in the state of California. New
York accounted for 11% and European companies made up 8% of the
total.
