eToys pulls plug as Nasdaq pulls shares

NEWS Having been unsuccessful in attracting a buyer or further funding, the company's losses - which have taken its debts to around $274m - have forced it to announce that operations on the site will cease by 8 March. In early January the firm said it expected to close by 6 April, however in the interim it has failed to maintain at least a $1 share price for 30 consecutive days and as such has fallen foul of Nasdaq requirements and had its shares removed from the index. At close yesterday the shares were trading at just nine cents - well short of the $80-plus the company enjoyed eighteen months ago. Last month the company closed its European operations and the latest round of job losses will see the total rise to in excess of 1,000.