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Troubles at Priceline.com and foodoo.com folds

Priceline.com, the US-based group-buying site, is sacking 16 per cent of its staff.

By Pia Heikkila

Published: 3 November 2000 12:13 GMT

The company will fire 87 of its 535-strong workforce. The company announced redundancies due to lower-than-expected revenues.

Heidi Miller, the company's CFO, also resigned yesterday - a further setback to the company.

Priceline.com had to close one of its reverse auction sites earlier last month because it ran out of money. The service, WebHouse Club, had been up and running for two years and allowed users to bid for food and petrol. The company claimed it was not viable because suppliers were not willing to provide sufficient discounts.

In the UK, foodoo.com, the online food and drink retailer, has folded after the firm failed to secure £30m it needed to continue operating. The venture attracted UK celebrity chefs including Gordon Ramsay.

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