eToys Sets Bankruptcy Filing, Saying Stock Is 'Worthless'
The company expects to file chapter 11 in five to 10 days.
eToys
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Monday said it plans to file for bankruptcy within 10 days, noting that it doesn't expect to be in business beyond March and that its shares are "worthless."
The e-tailer also said it would be delisted shortly from
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on grounds that it fails the exchange's net tangible assets requirement. eToys shares plunged 3 cents Monday to close at 9 cents.
Once a highflying e-commerce company, Los Angeles-based eToys effectively went out of business Feb. 5, when it said it would wind down its operations this spring.
eToys' share price took the usual dot-com trajectory: After going public in the summer of 1999, shares rose as high as $90, giving the company a market value of more than $1.5 billion, before collapsing.
