Streamline.com, an online grocery delivery service, announced Nov. 13 that it would wind down operations by Nov. 22. In a statement, the company said it began exploring financial alternatives in May, culminating in the September sale of its Washington and Chicago operations to Peapod, which is majority owned by Dutch supermarket giant Ahold. Talks with potential investors and strategic partners seeking additional financing or, alternatively, to sell the company's remaining operations proved unsuccessful; the company decided to sell its remaining assets and use the proceeds and existing cash to settle with its creditors. Department store retailer Nordstrom was a major backer of Streamline.com, having invested $20 million in the business.
Copyright November 2000, Crain Communications Inc.