FRAMINGHAM, Mass. (Bloomberg) — Furniture.com, Inc. said it fired most of its
employees and is shutting down because the Internet retailer of home furnishings
lacks enough cash to continue operations. The company eliminated 76 jobs, or 86
percent of its 88- person staff, and is looking into selling its assets, which
include the Web site address, technology and office space, said spokesman Don
Goncalves. Furniture.com has been firing workers since April to streamline operations
and speed plans for turning a profit. The company, which filed for the sale of
as much as $50 million in shares to the public on January 27, said on June 19
that it withdrew its pending initial public offering. The remaining workers will
manage the closing of Furniture.com’s operations. The company has enough money
to refund customers for undelivered orders, said Goncalves.
Furniture.com had $22 million in revenue in the nine months ended in September,
and about 1 million unique users of its Web site that month.
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