RealTime IT News

More Evolution in the Pet Space Inc. , which is in the process of going out of business, signed a non-binding letter of intent to sell various URLs and related trademarks including the domain to

Effective immediately, typing the URL into a browser will take users to the Web site. The purchase price was not disclosed.

The transaction will not include any other operating assets of, such as its customer list, Sock Puppet character, inventory or distribution center equipment, the company said.

On Nov. 7, the San Francisco, CA-based company said it would lay off 225 of its 320 employees and plans to sell the majority of its assets, including inventory, distribution center equipment, URLs, content and its Sock Puppet icon as well as other intellectual property. The company's stock had slipped below $1. said it "believes the purchase price will not materially increase the distributions, if any, which expects to make in the future to its stockholders after it has completed the process of winding down its business and selling a majority of its assets."

Pet products retailer PETsMART Inc., which operates more than 530 pet superstores in the United States and Canada, recently said it will pay $30 million in cash and assets for a controlling interest in online pet operation

Founded in May 1999 as a privately held company, has been funded by PETsMART and other investors, including idealab!, idealab Capital Partners and Global Retail Partners, as well as Big Dog Holdings Inc.