Online grocer Peapod continued to slide Thursday, falling 4 13/32 to 3 13/32 on news that its respected chief executive resigned for health reasons and investors pulled the plug on a $120 million financing plan.
The Chicago, Illinois-based company said it would put itself up for sale, and warned that it might not have enough cash on hand to continue operations during the process. The stock was down 3/32 to 3 5/8 at the opening Friday.
Online grocery shopping is an idea that never really took off, and none of the companies in the space have done particularly well. HomeGrocer.com, Inc. (Nasdaq: HOMG), which went public last week at $12 a share, is still trading at that price. Competitors Streamline.com (Nasdaq: SLNE) and Webvan Group, Inc. (Nasdaq: WBVN) have seen their stock prices fall in recent months.