PetSmart acquired Pet360 for $130 million in cash and up to $30 million more in future performance-based payments.
Another online retailer has gone under. Furniture retailer Urbandesign.com is shutting down, although its web site will remain in operation to help customers with problems. Also closing its doors was Buy.com Australia. The Aliso Viejo, Calif.-based Internet superstore discontinued Australian operations Nov. 20. This move reflects the company's assessment of two critical factors: a difficult capital market environment in Australia that was not producing the joint-venture funding needed to continue operations and the decision to allocate U.S. working capital to take advantage of the greater opportunity for the domestic business as it ramps up toward profitability, the company said.