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Oil Exchange Closes
Oil and gas giant Chevron is closing its online oil marketplace after less than a year. The company says it will discontinue Silicon Valley Oil, the spin-off it had launched to operate the marketplace. Chevron says the spin-off was unable to sign on new customers at a rate needed to sustain long-term growth objectives.
Webvan Ditches Dallas
Online grocer Webvan Group is closing the door on its Dallas operations as part of an attempt to save dwindling operating cash reserves. The decision will eliminate 220 jobs and will allow the Foster City, Calif., company to focus on reaching profitability in its nine other markets. The company entered the Dallas market last September through its acquisition of HomeGrocer.com.
Break for Breakaway
Embattled application service provider Breakaway Solutions has gotten a new lease on life thanks to a $33 million injection from an investing group. The equity financing was led by SCP Private Equity Partners, as well as Internet Capital Group, which was an original investor in the company. The deal initially gave a boost to Breakaways shares, which had fallen from a 52-week high of $85.50 each to the $1 range.