SAN FRANCISCO - Dot-com companies are closing at a rate of more than one a day, eliminating 8,000 jobs since January, as the collapse in Internet stock prices chokes off the flow of capital keeping startups afloat, a report said.
As many as 130 Internet companies have closed since January, according to San Francisco-based Webmergers.com, which publishes a monthly Internet mergers and acquisitions update. Among companies shutting their doors recently have been Garden.com, Pets.com, Furniture.com, Mortgage.com, and MotherNature.com.
The pace of such closures is accelerating. Halfway through November, almost as many firms have closed - 21 - as during all of October, when a record 22 were shuttered. Three-fourths of the shutdowns involved Internet retailers.
The company expects to close its TheStreet.co.uk operation, which is expected to run out of money by the end of the year, TheStreet.com said in a press release.