Associated Press
NEW YORK — Pets.com is being put to sleep.
The San Francisco-based company — known for its commercials with a sock puppet dog and the slogan "Because pets can’t drive" — said Tuesday it is closing down after failing to find a financial backer or buyer.
Pets.com also said it is laying off 255 of its 320 employees and plans to sell the majority of its assets, including inventory and its Sock Puppet brand.
The company, which sells pet food and toys, said it made an exhaustive effort to raise capital or find a buyer. Of more than 50 prospects contacted, fewer than eight were even prepared to visit the company, Pets.com said.
"With no better offers and avenues effectively exhausted, we felt that the best option was an orderly wind down with the objective to try to return something back to the shareholders," said Julie Wainwright, chairman and chief executive.
The company bought rival Petstore.com in June for just $14 million in stock.
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