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Amazon.com backed Living.com switches off the light! |
| living.com, the online furniture and home products
retailer backed by Amazon.com, has gone offline and will be liquidated.
In an announcement this week the company said it will file for
bankruptcy and has laid off 275 employees.
"The decision to close our store was an extremely difficult one," said Shaun Holliday, living.com's chief executive officer. "We assembled a world class employee team, first rate partners and investors, and top tier suppliers. Our website is considered the gold standard in Furniture and Home Furnishings online. Despite our employees' tremendous efforts and the loyalty of our customers, the recent downturn in the capital markets has substantially impaired our ability to raise the capital required to achieve profitability. After exhausting all apparent alternatives, we have no choice but to file Chapter 7." Amazon may choose to write off its investment in living.com, or use its stake in the company to buy the assets at a low price. However, following last weeks announcement with Toys"R"Us, Amazon.com may choose to follow a similar strategy to filling home interior products in its online assortment. Voice Your Opinion!
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Updated: 17 Feb 2006 .
