Sales volume for the troubled e-tailer declined further in the second quarter, the company said in a statement. Webvan had served the Los Angeles, San Diego, San Francisco, Seattle, Chicago and Portland, Ore., markets.
Launched in 1999, Webvan raised more than $800 million from venture capital firms and stockholders. But the company lost more than $830 million in two years. As of June 30, the company estimated it had $38 million to $40 million in cash and $97.5 million in liabilities.
Webvan was one of the few dot-coms to continue advertising this year, launching a new campaign from Publicis Groupe's Publicis & Hal Riney, San Francisco, in March highlighting its standing as a "last mile" Internet delivery service at a time when the company was on its last legs. -- Jack Neff
Copyright July 2001, Crain Communications Inc.