USA: Webvan pulls the plug on Internet operations
Online grocer Webvan Group Inc has plugged the plug on its remaining Internet operations after a significant second quarter slowdown and revealed that it intends to file for protection under Chapter 11 of the US Bankruptcy Code. Launched in 1999 during the height of online optimism, and with about US$800m in funds from venture capitalists and Wall Street, Webvan offered a whirl of revolutionary promises. At one point, the e-tailer served markets in Chicago; Los Angeles; Orange County, California; Portland, Oregon; San Diego; San Francisco Bay and Seattle.
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