Kozmo.Com Cancels Ipo, Cuts Staff

Sat., Aug. 19, 2000

Kozmo.com Inc. canceled plans Friday for an initial public offering of its stock and cut about 40 more employees from its headquarters staff, the latest in a series of shakeups at the online convenience retailer.

The company sent a letter to the Securities and Exchange Commission Friday withdrawing its IPO registration “because of unfavorable market conditions.”

But a spokesman for the company said Kozmo intends to register for a new stock sale early next year, and will take the extra time until then to focus on making its business profitable in some cities.

The changes at Kozmo come a week after it cut about 275 workers from its dispatch, warehouse and delivery operations in New York and Los Angeles.

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Kozmo.Com Cancels Ipo, Cuts Staff

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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