Toysmart Inc. goes out of business
WALTHAM – Toysmart Inc., an Internet retailer that attracted interest and investment funds from the Disney Co., has gone out of business, unable to draw the additional investors it sought. The online company had sought a niche in educational toys but was unable to overcome growing Internet competition and a cooling interest in so-called dot com firms from investors. The company, which had its headquarters and a retail shop here, as well as a distribution center in Worcester, employed 170 workers.
Outerlink systems in National Grid trucks
CONCORD – Outerlink Corp., which sells a specialized vehicle tracking system using the Global Positioning System linked by satellite, has won a contract from National Grid USA of Westboro, Mass., to install its messaging system in 120 of the company’s maintenance trucks. The trucks were formerly operated by the Eastern Edison Co. Terms of the contract were not disclosed. The system is designed to locate vehicles within 100 yards and permits two-way text messaging, especially valuable in those areas not served by radio or cellular telephones.
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Citizens forms partnership with ZEFER
BOSTON – Citizens Bank and ZEFER, a srategic Internet consulting and services firm, last week announced a three-year minimum $12 million strategic alliance. ZEFER will work closely with Citizens’ newlyh created eBusiness company to help the bank enhance its traditional business lines through the Internet and to create and invest in new Internet business. As part of the terms of the partnership, Citizens has taken an equity position in ZEFER. The bank said the partners intend to work together in venture capital investgments in a wide variety of eBusinesses.
Furniture.com reconsiders initial stock sale
FRAMINGHAM (Bloomberg) — Furniture.com Inc., which sells home furnishings on the Internet, said it’s examining financing options other than its proposed initial public offering after a slump in Web retailers’ stocks. The company said it still may proceed with the share sale, though alternatives include debt financing as it seeks to fund its Internet site that sells tables, beds, lamps and other home items, said Furniture.com spokesman Don Goncalves. Furniture.com on Jan. 27 filed to raise as much as $50 million through an initial stock sale. Since then, Internet shares have tumbled, with the Bloomberg U.S. Internet E-Commerce Index falling by more than half.
Royal Ahold names Tobin chair of Ahold
ZANDAAM, Netherlands (Bloomberg) — Royal Ahold NV, the world’s fifth-largest supermarket owner, appointed Bob Tobin, currently president and chief executive of the company’s U.S. operations, as chairman of Ahold USA. Tobin’s appointment is effective in September. Bill Grize, president and chief executive of the company’s Stop & Shop chain, will succeed Tobin as president and chief executive of Ahold USA. He will continue to report to Tobin. President and Chief Executive of Tops Markets, Steve Odland, will become chief operating officer of Ahold USA in June, and Marc Smith, currently chief operating officer of Stop & Shop, will become president & chief executive of the chain in September. Ahold USA, with annual sales of about $30 billion, owns five supermarket operating companies in the eastern U.S. and has 1,063 stores in the country. Royal Ahold operates 7,000 supermarkets and other stores in the U.S., Europe, Latin America and Asia.
CeNeS to buy Cambridge NeuroScience
LONDON (Bloomberg) — CeNeS Pharmaceuticals Plc said it will buy U.S.-based Cambridge NeuroScience Inc. for $44 million in stock to widen its number of possible drugs for the treatment of central nervous system illnesses such as multiple sclerosis. CeNeS, which this month ended merger talks with U.K.-based drugmaker Vernalis Group Plc, said it agreed to offer stock equivalent to $2.25 a share for Cambridge, England-based CeNeS is looking to expand its compounds for the treatment of central nervous system disorders. Its attempt to pair up with Vernalis was rejected and it turned to the U.S. company, which is testing drugs for chronic pain, multiple sclerosis and glaucoma. “It will build a stronger company with a broader product pipeline, an enhanced skill base and a substantial intellectual property portfolio,” said Daniel Roach, CeNeS’s chief executive, in a statement.
Zero.net, Envision Development, seeks merger talks
WASHINGTON (Bloomberg) — Zero.net Inc., currently the owner of a 41.5 percent stake in Envision Development Corp., said it plans to enter talks about acquiring the rest of the e- commerce company. The San Francisco-based investor said it “has held preliminary discussions” with Envision about a working relationship between the two companies, according to a filing to the Securities and Exchange Commission. Zero.net, which acquired blocks of Envision stock from other shareholders earlier this year, said it expects further talks to consider “the most effective means of combining the expertise and resources of both companies,” the SEC filing said. “It is expected that these discussions will focus on a combination of Zero.net and Envision, ” leaving the Marlboro, Massachusetts-based Envision as the surviving, publicly traded company, the filing added. The shareholder and would-be suitor said it increased its stake to 3.8 million shares of Envision on May 10, by buying 600,000 shares from two other investors for $6.5 million cash plus warrants to buy Zero.net stock.
(Compiled from news reports and releases, print and electronic.)
