eToys will only make it to March

NEWS Creditors have agreed not to collect their debts until after the end of that month, when the assets and marketing strategy of the company will be examined. The virtual shop confirmed it is already meeting with creditors on a restructuring plan that would shield it from court and enforced liquidation. However, eToys reported a third quarter loss of $85m and spent a huge $49m in an advertising campaign to try and attract new customers. The company has already cut 70 per cent of its workforce and closed down its European operation. To add to the internet toy store's woes, a European art group has announced that it is to file for trademark infringement in the US courts. Also named etoys, but all in lower case, the art group claims to have been an active site in 1996, before the virtual toy store was launched.