USA: Streamline.com to cease grocery shop operations after lack of investment
Massachusetts-based Streamline.com revealed today that "the interests of its employees, customers and creditors would be best served by the company's prompt and orderly cessation of operations," making it the latest in a long line of Internet grocery delivery stores to admit defeat.The pioneering business model of Streamline.com was developed in 1993 with high hopes of investors, who laid out US$10 per share when the operation went 'live' on 18 June last year. By the beginning of 2000 however, accumulated losses reached US$56.4m. In April stock value had fallen to just below US$1, and advisors were appointed in May to review the company's financial options. The company hit major problems when the funding for consumer e-commerce companies simply dried up. The sale of its Chicago and Washington operations to
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