Webvan to auction off assets

Summary:Online grocer Webvan said Thursday it will hold a public auction next month to try to liquidate about $30 million worth of equipment used at its Atlanta operations. Webvan, which at one time boasted more than a billion dollars in its coffers, shut down its Atlanta operations in April to save money.

Online grocer Webvan said Thursday it will hold a public auction next month to try to liquidate about $30 million worth of equipment used at its Atlanta operations.

Webvan, which at one time boasted more than a billion dollars in its coffers, shut down its Atlanta operations in April to save money. The auction will include the sale of more than 200 delivery vans, which amounts to the number of vehicles one might find at a small car dealership.

Webvan spokesman Bud Grebey said the sales will generate needed cash for the company, which has said it expects to run dry of operating funds in the first quarter of next year.

Besides the vans, the company will try to sell office equipment and furniture, kitchen equipment, conveyor belts, and generators. The goods are expected to be in fairly good condition, as the company opened in Atlanta less than a year ago. According to the Web site advertising the auction, the merchandise was purchased in May 2000.

The public auction is scheduled to take place in Atlanta on Aug. 7 and Aug. 8. --Greg Sandoval, Special to ZDNet News

Topics: Tech Industry

Kick off your day with ZDNet's daily email newsletter. It's the freshest tech news and opinion, served hot. Get it.

Related Stories

The best of ZDNet, delivered

You have been successfully signed up. To sign up for more newsletters or to manage your account, visit the Newsletter Subscription Center.
Subscription failed.