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"........June 14, 2000

No sale! Boxlot.com collapses
By Richard Byrne Reilly
Redherring.com, June 14, 2000
An online auction site plagued by mismanagement, infighting, and a chronic dearth of paying customers, Boxlot.com, is holding its own going-out-of-business sale.

"They`re done," says an investor in the company, who requested anonymity. "They`re history."

Drained of cash and unable to raise more, company executives have begun the painful process of closing their doors, according to several sources. Employees at Boxlot.com`s San Francisco office received walking papers last week. A flyer announcing a liquidation sale will post on the Boxlot.com Web site Friday, June 16, promising killer deals on computers, desks, tables, and printers.

"It`s been a bumpy ride, and we`ve been expecting this for a while," a Boxlot.com employee told Redherring.com. He added, "I`m going to grab a sandwich and a beer and then I`m going to the beach."

When reached by telephone, president Barry Berkov said, "I have nothing to say," then brusquely hung up. Boxlot.com CEO Fred Cary refused to comment.

UNABLE TO CARY THE DAY
Mr. Cary, who incurred the wrath of investors and employees during his tenure as CEO, failed in a recent bid to raise a much-needed $22 million in venture funding, according to sources. He also failed to procure a $2 million bridge loan that would have provided crucial help.

Analysts say Boxlot.com`s demise may foretell the fate of other online auction houses who in various ways compete with eBay (Nasdaq: EBAY), Amazon.com (Nasdaq: AMZN), and other established Web sites. The initial euphoria that greeted these startups, including venture capitalists who generously showered them with millions in venture funding, now may be coming to a close.

Negotiations continue over the fate of Boxlot.com`s assets. Sources say Naveen Jain, founder and CEO of Infospace.com (Nasdaq: INSP), is interested in buying Boxlot.com`s Auction XL technology platform for $26.5 million next week. Mr. Jain couldn`t be reached for comment.

The fate of Boxlot.com executives is unclear. The company faces a mountain of unpaid bills and jilted investors. Mr. Berkov acknowledged some of the problems in an interview last month, saying, "We`re having some financial problems," then adding, "we owe people some money." He declined to provide details.

STRETCHED TOO THIN
Boxlot.com`s shift in business strategy, switching from operating solely as an online auction to becoming a software developer, consumed badly needed financial and technical resources. Mr. Cary hoped to develop the auction`s Auction XL software platform while simultaneously embarking on an acquisition spree, buying Stampauctions.com, Auctionvine.com, Philatelists.com, and others. Revenue was reportedly weak, and the projected customer base never fully materialized.

Boxlot.com was founded by two collecting buffs from Vermont who envisioned building an online empire selling dolls, figurines, books, and toys. They moved the company to San Diego, California, cobbled together a management and IT team, and launched the company in 1997.

A fitting epitaph to the Boxlot.com saga is perhaps spelled out in a mock-up Web page for their going-out-of-business sale: "Act fast, and come get a bargain."
 
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