RealTime IT News

iBelieve.com to Shut its Virtual Doors

iBelieve.com., a Christian lifestyle site, Friday announced that it will suspend operations and shut down its Web site. The closing is attributed to an inability to secure needed financing.

iBelieve.com launched in January 2000 as an integrated content, community and commerce site serving the Christian market.

The shutdown comes after several months of efforts to secure additional funding to keep the site up and running, according to Jef Fite, president.

"We met or exceeded all of our traffic metrics, experienced revenue growth every month since launch and realized our goal of becoming the leading Christian Internet site," Fite said. "However, like many other Internet companies, we were not able to raise capital given the current market conditions, and we are left without options."

The company expects to lay off its 35-person staff within the next two weeks.

iBelieve.com halted all e-commerce operations earlier today, but plans to honor all orders previously completed on the site. Users will have access to iBelieve.com's customer care services through an email link on the site for the next few weeks.