WebVan Trims Operations, closes Atlanta and other cities (and reverse stock split)

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WebVan Trims Operations, closes Atlanta and other cities (and reverse stock split)

Thu, 04/26/2001 - 09:43 — charlie.collins

I heard this on the radio this AM in Atlanta and several stories are now popping up. Webvan, with sales up 106% (over pro-forma) still is having serious problems. The company is still losing money and they have elected to cut back operations and perform a reverse stock split to try to stop the bleeding (to get the stock, once in the $10-$12 range and now $0.20 back above the NASDAQ min of a buck.)

Webvan has made some serious moves on the board and hired a new CEO. They are still making the play to become a real company, and I still believe that this business model is there. The main problem now is that Webvan needs $25M to continue operations even with the cutbacks.

Check the linked Internet.com story for more info (while there still is an internet.com.)
Webvan Closes Major Markets including ATL (and more news): Internet.com