Buy.com Pulls Out of Australia
The company blamed the action on a difficult Australian capital market as well as its decision to accelerate its path to profitability in the United States.
The company discontinued its Australian site Monday but said it would honor the fulfillment of all orders.
"The pullback of our Australian business is reflective both of the foreign capital markets which have been difficult to access with the Internet and e-commerce sectors, as well as a strategic decision to discontinue spending precious capital in support of an international business when the opportunity to continue to move our U.S. business to profitability is present," said Gary Hawkins, chairman/CEO of buy.com, Aliso Viejo, CA.
The decision to leave the Australian market does not preclude buy.com's return at a future date, the company said.