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Toysmart.com Ceases Operation

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Toysmart.com, the toy e-retailer that is majority owned by Walt Disney, is ceasing operations, its chief executive disclosed today.

"We're ceasing operations as we speak," Toysmart chief executive David Lord told CNET News.com.

According to Lord, Toysmart's board voted late Friday to cease operations because a last-minute investment in attempt to reposition the company "broke down." A majority of Toysmart's board members are Disney appointees.

Toysmart is "in the process" of laying off its remaining 110 workers, Lord said.

The company's Web site said it is "closed this weekend for inventory."

Toysmart becomes the latest e-tailer to suffer from increased competition and a slumping market.

"It's a tough market," Lord said.

He said an official announcement of the shutdown is expected later today.

Source: CNET News

[Posted 5/22/2000]

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