Cash crisis forces Priceline to close auction site

Priceline.com is closing down one if its reverse auction sites because it has run out of money, with investors set to lose $360m.

By Pia Heikkila, 9 October 2000 11:40

NEWS The service, WebHouse Club, had been up and running for two years and allowed users to bid for food and petrol. But the company claims it became unviable because its suppliers were not willing to provide it with sufficiently substantial discounts, according to a report in the Wall Street Journal.
Priceline.com has courted controversy through its use of patents to protect internet business processes. It is planning to launch its European operations in the UK, France and Germany this autumn.

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