Dig another grave in the dot-com pet
Petopia.com, which sold most of its assets to Petco Animal
Supplies Inc. in December, filed papers with the Securities and
Exchange Commission on Friday to cancel its $100 million initial
public offering and announce it's no longer doing business.
Dubbed the "Internet Pet Paradise," Petopia marketed itself as
the destination for pet lovers when it launched in August 1999. It
offered food, grooming and health care products for furry friends,
fish and other animals.
Petopia announced a number of strategic relationships and
partners, including deals with NBC, the American Society for the
Prevention of Cruelty to Animals and America Online.
Petopia also had an exclusive agreement with Petco, an original
investor in the start-up. Now, the Petopia.com Web address points
"It's being operated as a subsidiary to Petco but is basically
part of Petco," said Jim Myers, Petco's chief financial officer.
"It no longer has a separate identity."
Petopia laid off about 60 percent of its work force in October.
Some remaining employees moved to San Diego to work on Petco's
online operation, Myers said.
Petco's major online competitor is now PetsMart.com, the virtual
division of the PetsMart bricks-and-mortar retailer. PetsMart
recently acquired the Web site address and other parts of Pets.com,
which became one of the highest-profile dot-com flops when it
ceased operations late last year.