ETOYS SAYS TO CLOSE WEBSITE AROUND MARCH 8 - 500 Beiträge pro Seite

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ETOYS SAYS TO CLOSE WEBSITE AROUND MARCH 8
(kurs ab 15.50 Uhr ausgesetzt)

und dann noch diese News:
eToys Announces Plans for Bankruptcy Filing
MONDAY, FEBRUARY 26, 2001 4:29 PM
- BusinessWire

LOS ANGELES, Feb 26, 2001 (BUSINESS:ETYS) today announced that it plans to file for protection under federal bankruptcy law within approximately the next five to 10 days. The company said its decision was based on the results to date of its efforts to pursue strategic alternatives and its conclusion that, under any scenario, its outstanding liabilities, which totaled approximately $274.0 million as of January 31, 2001, will substantially exceed the value of any proceeds or assets that may be received in a strategic transaction. Accordingly, the company has determined that it has no alternative other than to file for bankruptcy protection.

The company also said that, in light of these facts, it has concluded that its outstanding equity securities, including both its common stock and its Series D preferred stock, have no value. The company strongly encouraged anyone considering an investment in these securities to consider its determination that they are worthless.

In addition, the company said it has received a notice from Nasdaq that it no longer meets the minimum net tangible assets requirement for The Nasdaq National Market. The company does not believe that it will be able to regain compliance with this requirement, and it has notified Nasdaq of this fact. Accordingly, the company anticipates that its common stock will be delisted from trading in the very near term, certainly sooner than the previously expected date of May 2, 2001.

The company reiterated that its cash, cash equivalents and cash that may be generated from operations will be sufficient to continue its operations only to March 31, 2001 at the latest and that it has provided job elimination notices to all of its employees, with termination dates extending up to April 6, 2001. The company anticipates that it will close the eToys.com Web site on or about March 8, 2001 and that, thereafter, the company will focus solely on the winding down of its business and the liquidation of its assets.

The company also announced that, following authorization of the bankruptcy filing, three of its directors, Tony Hung, Michael Moritz and Dan Nova, have resigned from the board effective today. The remaining directors consist of Edward C. Lenk, the Chairman of the Board and Chief Executive Officer of the company, and Peter Hart.

Forward-Looking Statements
Statements made in this document that are forward-looking involve risks and uncertainties that could cause results to differ materially from those expressed. Such risks and uncertainties include, but are not limited to, the company`s expectation that it will cease operations in the near term and that its equity securities are worthless. Other risks are set forth in the company`s Annual Report on Form 10-K for the fiscal year ended March 31, 2000, under the heading "Business -- Additional Factors That May Affect Results," in the company`s quarterly reports on Form 10-Q for the quarters ended June 30, 2000, September 30, 2000 and December 31, 2000 and in the company`s other filings with the Securities and Exchange Commission.

CONTACT: eToys Inc., Los Angeles
Ken Ross, 310/998-6993 (media)
[e-mail]
Gary Gerdemann, 310/998-6823 (media)
[e-mail]
Clem Teng, 310/998-6312 (investors)
[e-mail]

URL: http://www.businesswire.com
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Copyright (C) 2001 Business Wire. All rights reserved.

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[Orgasmus]

Hallooooo!

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Orgi