Mercata shuts down

Mercata Inc., the Internet-based group buying service, will cease operations Jan. 31, citing a lack of available funding. The company had pulled back an IPO a day before announcing its shutdown. "Mercata has performed extremely well as a company despite the difficult economic environment," said Tom Van Horn, founder, president and CEO of Mercata. "We have consistently met or exceeded the goals that we have set for ourselves and against which investors measure our performance." Mercata launched in May 1999. Mercata.com will accept orders until January 31, and will accept returns if they are postmarked by Jan. 20.