Page 8 - Pets Com News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> the very same day as the election, a popular internet company makes a stunning announcement. >> other economic news tonight. there is a new victim of a falling fortunes of the new economy. pets.com is closing down. >> the demise of pets.com is one of the first needles to punch a whole in the internet bubble. >> basically, you had a new attitude towards business. people were investing in companies thathowed promise, that didn't necessarily show revenues. >> internet mania, that short lived rush by investors to pump money into anything with a dot com in its name and buy those companies to tur...

E-commerce companies. we sold everything for pets from food to toys. >> their business plan was to reach as many people as possible, to create volume, but they were losing money on every piece of pet food they sold. >> pets.com reported sales of $9.4 million, but those goods cost the company $9.6 million before expenses like marketing. >> it wasn't about revenue. what it was about is perception. and they, perhaps more than any other company, had a hold on perception, exemplified by this sock puppet mascot. >> at the 2000 super bowl, they had probably what was the most talked about ad. then by ...

Election. >> the very same day as the election, a popular internet company makes a stunning announcement. >> other economic news tonight. there is a new victim of a falling fortunes of the new economy. pets.com is closing down. >> the demise of pets.com is one of the first needles to punch a whole in the internet bubble. >> basically, you had a new attitude towards business. people were investing in companies that showed promise, that didn't necessarily show revenues. >> internet mania, that short lived rush by investors to pump money into anything with a dot-com in its name and by those compa...

>> their business plan was to reach as many people as possible, to create volume, but they were losing money on every piece of pet food they sold. >> pets.com reported sales of $9.4 million, but those goods cost the company $9.6 million before expenses like marketing. >> it wasn't about revenue. what it was about is perception. and they, perhaps more than any other company, had a hold on perception, exemplified by this sock puppet mascot. >> at the 2000 super bowl, they had probably what was the most talked about ad. then by november of that year they were self-liquidating. it happened that qu...

Announcement. >> other economic news tonight. there is a new victim of a falling fortunes of the new economy. pets.com is closing down. >> the demise of pets.com is one of the first needles to punch a whole in the internet bubble. >> basically, you had a new attitude towards business. people were investing in companies that showed promise, that didn't necessarily show revenues. >> internet mania, that short lived rush by investors to pump money into anything with a dot-com in its name and by those companies to turn around and pour that cash into advertising. >> there was this whole new kind of...