RUMOR MILL
Friday, June 16, 2000
CDNOW CLOSES LONDON DIGS
Three-Person Office Oversaw Spice Girls, Cliff Richard, Kylie Minogue Discs
CDNow has closed its only international office as part of an expense-cutting program, as the Internet music seller conserves cash and looks for new investors.
The company closed its London office earlier this month and transferred three marketing people back to the U.S.
Two of the employees left CDNow, while a third remains in the U.K. working out of his own office, the company said. And by "his own office," the company, of course, means, "a card table set up in his kitchen."
CDNow Wednesday (6/14) said it is continuing to negotiate with several groups. It had projected wrapping up a transaction before the end of June. It now is saying there are no assurances something can be completed by then.
Shares of the company fell 1 3/32 to 3 3/16 on the Nasdaq Stock Market.
