Flooz.com Follows Beenz Down the Pan

28 August 2001

Just ten days after the demise of UK-based online promotional ‘currency’ specialist Beenz.com [WAMN: 17-Aug-01], its principal competitor Fooz.com has also gone to the wall.

Rumors are rife that Fooz’s collapse was hastened by the activities of a mob of Russian credit card fraudsters. Word is that the e-trader innocently sold $300,000 of its ‘currency’ to the grifters before the FBI stepped in to warn the company.

A terse missive yesterday greeted callers at the Flooz website: “Flooz.com has been adversely affected by dramatic changes in capital markets and the general slowdown in the economy. Flooz.com had been in merger discussions with a number of companies, but was unable to find a suitable partner.”

News source: The Times (London)