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02/15/2001 10:13 AM ID: 3616 Permalink   

No Union Vote After All - ETown Shuts Down

 

Etown.com, which was supposed to be the first Internet company to have a Union vote, has laid off its entire staff and shut down business completely after running out of funding.

"We're not going to give up trying to find financing," said ETown's CEO Robert Heiblim. "But we have to let people go because we can't pay them. If next week I find someone to give me funds, I'll see if I can get people to come back to work."

Heiblim said the labor movement had nothing to do with the shutdown. The company is so short of funds that it will not even be able to offer severance packages to its employees, and has transferred all of its assets to one of its investors.

 
  Source: news.cnet.com  
    WebReporter: SandraG Show Calling Card      
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