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Online pet products retailer

Pets.com

(IPET)

will terminate about 255 of its 320 employees, as the company begins winding down operations after failing to raise additional capital or find a buyer.

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The San Francisco company said it plans to sell the majority of its assets, including inventory, distribution center equipment, URLs, content and its Sock Puppet brand icon, as well as other intellectual property.

In a statement released today, Pets.com said its efforts to maximize business efficiencies and eliminate operating expenses in order to provide more time to examine all options was insufficient as no party was prepared to fund or acquire the company. Out of more than 50 prospective parties, fewer than eight were even prepared to visit with Pets.com.