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J&J buys eToys unit
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March 2, 2001: 10:55 a.m. ET
Folding online retailer sells BabyCenter for $10M cash to drugmaker
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NEW YORK (CNNfn) - Johnson & Johnson agreed Friday to acquire BabyCenter Inc. from troubled online retail site eToys Inc. for $10 million cash.
BabyCenter, an online parenting resource for new and expectant parents, will remain based in San Francisco. The family site expects to retain and add to current staff, Johnson & Johnson said.
BabyCenter will be part of Johnson & Johnson's Consumer Companies unit.
The BabyCenter store, which was not part of the purchase, will be temporarily closed, New Brunswick, N.J.-based Johnson & Johnson (JNJ: Research, Estimates) said in a statement.
eToys (ETYS: Research, Estimates) announced Feb. 26 that it would be filing for federal bankruptcy protection and planned to close its Web site.
The company has indicated that it would be delisted from Nasdaq; it last traded at 9 cents.
Johnson & Johnson lost 88 cents Friday to $98.20. 
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