Online grocer Webvan to file for bankruptcy
FOSTER CITY, Calif. (AP) -- Online grocer Webvan Group Inc. shut down Monday and said it would file for Chapter 11 bankruptcy.
The company never came close to making money, losing $700 million since its inception.
Launched in mid-1999, Webvan had been one of the Internet's highest profile Internet businesses. Promising to revolutionize the supermarket industry by taking orders online and delivering groceries to customers' homes, Webvan had raised about $800 million from venture capitalists and Wall Street.