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Garden.com shuts doors
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November 15, 2000: 3:52 p.m. ET
In latest online woe, garden retailer throws in the trowel
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NEW YORK (CNNfn) - Fourteen months after going public, Garden.com, which sells gardening products over its Web site, on Wednesday become the latest Internet retailer to shutter its business.
The company said it will sell its assets and lay off employees after proving unable to lure the investors and partners it needed to continue.
"All possible avenues have been exhausted and it is clear that the only course of action available to us is to conduct a staged shutdown of our retail operations," said Cliff Sharples, president and CEO of Garden.com.
 The news comes one week after both Pets.com, an online pet-supply retailer, and online vitamin store MotherNature.com closed their doors.
After the big run-up last year, Internet stocks have fallen steadily and Garden.com is no exception. After climbing above $20 in September 1999, just days after its initial public offer, Garden stock had fallen to 9 cents Wednesday.
At the same time, Internet advertising has cooled with the slowing economy.
For Austin, Tex.-based Garden.com, the closing comes two days after the company said it lost $9.9 million, or $0.56 per share during its first quarter ended Sept. 30. The losses came on revenue of $2.6 million, an 84 percent increase over $1.4 million in sales in the year-ago period. 
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Garden.com
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