Peapod.com doubles losses

Despite claiming to be "positioned for success in 2001", online greengrocer Peapod.com has more than doubled its year-end losses.

Fourth quarter results reveal that losses are now up to $23.6m compared with $9m in the same quarter of the previous year. Although it remains defiant that revenues will grow by 40 per cent for the full year, it will find itself out of business if it does not complete a successful financing round soon. It needs $50m to take it through the remainder of the year, As of the end of December last year, the company had approximately $14.7m in cash and a $20m credit facility.