NEWS FLASH: Buy.com bites the dust

Buy.com's glitzy Australian etail site has bit the dust today in another kick in the guts for the online retail business model.

A message posted to its site reports the company has "closed it's virtual doors effective 11am on 21st November, 2000 and are taking no new orders."

The company says it will fulfil all existing orders for which payment has been made in accordance with existing contracts.

The company opened for business on May 4 this year with a lavish rooftop party at Sydney's Broadway retail shopping centre complete with a huge sound and light display, lounges, a bar, stage and outdoor entertainment area.

It's claim to fame was the deep pockets of backers Softbank and epartners joint venture, eVentures, in addition to the resources of it's own US operations. The e-tailer also has operations in the US, UK and Canada.

Local executives refused to comment directly on the company's closure, deferring all comment to a press release expected to be released this afternoon.

The only other comment posted on au.buy.com reads:

"We hope that we have provided you with an enjoyable experience with buy.com, as that has been one of our core objectives. Thank you for being a part of buy.com; your tremendous support has meant a great deal to us. The team at buy.com. Further information on current buy.com promotions and other questions you may have regarding purchases or product will be posted on this site today at 7pm EST."

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