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.