RealTime IT News

Report: Idealab to Close Doors in Silicon Valley

Idealab -- the mastermind behind such e-commerce site as eToys, jobs.com, petsmart.com and ticketmaster online -- is closing its Silicon Valley operation, according to published reports.

The 33 people who work out of that location hope to be placed in other arms of the company.

Idealab is expected to support the three companies that operate out of the Palo Alto facility, but will not startup any new entities from that location.

In fact, Idealab is not accepting proposals for any new Internet ventures at this time. Meanwhile, approximately 50 businesses are in various stages of development.

The company, which is headquartered in Pasadena, Calif., retains operations in Palo Alto, Calif., Boston, London and New York City.

The privately held company had planned to go public last year, but postponed its IPO in October.

The withdrawal was due to a volatile marketplace, according to Bill Gross, chairman and CEO.

"To go forward with the IPO would not be in the best interest of the company, its employees and investors," he said. "When the time is right, we will return to the public markets."

Calls to the company for additional comment were unreturned as of press time.