NEW YORK â€“ Pets.com, the San Francisco-based online retailer, known for its commercials with a sock puppet dog and the slogan "Because pets can't drive" â€“ said Tuesday that it is closing down after failing to find a financial backer or buyer.
Pets.com said it is laying off 255 of its 320 employees and plans to sell the majority of its assets, including inventory, its distribution center equipment, its Web site address and its Sock Puppet brand. The company turned the company mascot into a marketing icon this summer, selling the licensed puppet, along with accessories, to toy stores nationwide.
The company's e-commerce site will no longer be taking orders after Thursday. Pets.com said it would fulfill all of its outstanding orders online and offline.
Shares of Pets.com lost two-thirds of their value Tuesday, falling 44 cents to close at 22 cents a share on the Nasdaq Stock Market.