Amidst an announcement of revised revenue and net loss guidance for the fourth quarter 2000 and fiscal year 2001, Network Commerce revealed that it would shut down its consumer shopping network, ShopNow.com, during the first quarter of 2001.
In addition, the company announced further workforce reductions and other cost-cutting measures. One hundred and forty-five people, across all areas of business at company locations in Seattle, California, Georgia and the United Kingdom will be laid off. The Network Commerce UK sales office will also be closed.
According to company officials, Network commerce will continue to aggressively expand its Technology Infrastructure and Services business, including domain registration services, hosting services, commerce services, email marketing services and business services, which they expect to expand to more than 40% of revenues for 2001.
Consumer-to-consumer electronic commerce in Encyclopedia::
Its declining revenues, Network Commerce laid off 145 people, shut down its ShopNow.com consumer offering .. Ministry of Commerce Ministry of Commerce
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File Format: PDF/Adobe Acrobat - View as HTMLthe bankcard people, but with the advent of e-commerce . By 1993, Network 1’s expansion. ultimately shut down all of its
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Network Commerce to Shutdown ShopNow.com