Sales from mobile devices increased 101% in the first quarter compared to the same quarter last year for more than 350 retailer clients of ...
Peapod Sued By Shareholders
Editor in Chief
At least six shareholders of Internet grocer Peapod reportedly have filed lawsuits against the company, claiming executives hid recent financial problems. A white knight, Netherlands-base Royal Ahold, purchased a 51% stake in Peapod, totaling $73 million, in mid-April, ending weeks of speculation about the company's future.
Peapod's trouble began in March when investors withdrew an anticipated $120 million in funding after CEO William Mallory resigned suddenly for undisclosed health reasons. Peapod, which has steadily lost money since its 1989 startup despite building a customer base of 100,000 in eight metropolitan markets, had counted on the financing for ambitious expansion plans. Last year, Peapod lost $28.5 million on revenue of $73.1 million.