Michael Arrington submits:
Bad news for San Francisco based e-commerce site Red Envelope (REDE),
an “upmarket online retailer with the primary goal of making gift
giving easy and fun”: It’s about done. The company’s market cap is just
$2.95 million even though it has cash on hand of nearly $12.3 million. The stock is
trading at $0.23/share - it was as high as $8.42 in the last year.
Red Envelope was founded in 1997 and went public in 2003. But a
steady stream of losses has taken its toll. CFO William Gochnauer resigned earlier this month, and board member John Pound resigned on March 30.
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