Priceline.com shelves grocery, gas businesses

Article Abstract:

Priceline.com's share price lost $3.56 before settling at $5.81 after the name-your-price electronic retailer announced that it would discontinue its gasoline and grocery businesses to save founder Jay Walker from further losses. The closure of the gasoline and grocery operation, called WebHouse Club, came two months after Walker sold $190 million worth of his Priceline stock, the proceeds of which he then invested in WebHouse. Walker said there was no flaw in WebHouse' business model but that it simply cannot raise the $100 million by Feb 2001 to keep it operating.

Services discontinued

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Priceline shares dive after online retailer loses CFO

Article Abstract:

Shares of Priceline.com plummeted by 26% after the online retailer announced the resignation of CFO Heidi Miller and its decision to lay off 16% of its workforce. In 1999, Miller was ranked by Fortune Magazine as the second most-powerful woman in business when she was CFO of Citigroup. Priceline CEO Daniel Schulman said Miller would pursue employment interests and use her talents in a more established business environment.

Executive changes & profiles

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