Etown.com closed its doors Wednesday after running out of cash to keep its electronics review site online.
CEO Robert Heiblim said the company had to lay off its entire staff of some 100 employees.
Etown.com closed its doors Wednesday after running out of cash to keep its electronics review site online.
CEO Robert Heiblim said the company had to lay off its entire staff of some 100 employees.
Best Buy, an electronics store that loaned etown money to continue its operations, will acquire the company's assets, Heiblim said. He did not say the value of those assets.
After the announcement by Lew Brown, the company's president and chief operating officer, employees were given 10 minutes to collect their belongings before the building was closed down, according to Eric Anderson, a customer service representative.
"It's very sad because we were really closing in on profitability and we had established a really clear business plan, and we had received a lot of accolades on the quality of what we were doing," Heiblim said.
But with the current financing environment, he added, "the pendulum has swung so far in the other way, that even if someone could turn straw into gold, they couldn't get financing."<
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