Do You Want To Buy netLibrary? Company For Sale

gary price gprice at gwu.edu
Sat Oct 13 18:41:08 EDT 2001


Full-Text at:
http://www.thedailycamera.com/business/tech/13bnetl.html

Word today (via the local Boulder Co. newspaper, The Daily Camera) that
netLibrary is for sale after failing to find the financial help the company
needed. The article also mentions that employees are welcome to stay with
the
company during this time BUT they will face MAJOR pay cuts.

Key passages from the article:
"The 230 employees, who were paid through Friday, were told Friday that they
are welcome to return on Monday to help the company through its transition,
but at in many cases a drastically cut pay rate. Each employee from
receptionist to president will be paid $360 a week, roughly the equivalent
of unemployment benefits."

"Last December, netLibrary pulled out of its $82.2 million IPO because of
market conditions. The company had hoped to be profitable by the middle of
2002"

"More recently, the firm had launched an attempt to raise an undisclosed
round of funding. Due to the market conditions, and the Sept. 11 events,
that fell through,"  [Marge] Gammon, [a spokeswoman for netLibrary] said."




gary

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Gary D. Price, MLIS
Librarian
Gary Price Library Research and Internet Consulting
gprice at gwu.edu



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