By Julian Goldsmith, 16 August 2000 09:07
NEWS Living.com, an online furniture retailer backed by Amazon.com has filed for bankruptcy and laid off 275 staff. In a prepared statement, posted on the website, Shaun Holliday, CEO, blamed the dot-com fallout for the company's inability to raise the funding it needed to stay afloat. He said: "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." A deal in February saw the Texas-based company agree to pay Amazon.com $145m over five years to be a featured merchant on the online retail giant's homepage. In return, Amazon agreed to take an 18 per cent stake in Living.com.
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