RealTime IT News

Pets.com Slinks Off

Pets.com Inc., renamed as IPET Holdings Inc., said that stockholders at a special meeting today approved a plan for "complete liquidation and dissolution of the company."

The failed pet supply company is winding down in an orderly fashion; its board of directors voted last November to discontinue operations after months of searching for venture funding and/or a possible buyer proved fruitless.

The company, well known for its quirky Sock Puppet TV commercials, is proceeding with the sale of all of its assets, and after that will make a distribution of net liquidation proceeds, if any, to the stockholders. At the close of business on Jan. 18, the company will close its stock transfer books, discontinue recording transfers of common stock and be delisted from the Nasdaq exchange.

In addition, all officers and directors of the company resigned today, effective immediately after the stockholder meeting. Richard G. Couch of Diablo Management Group was retained to act as sole director of the company and chief executive officer for IPET Holdings. Couch, through DMG, will handle all remaining affairs for IPET Holdings.