BizBuyer.com to Close on Lack of Profitability

BizBuyer.com, a Santa Monica-based firm that allows businesses to request bids for services over the Internet, said this week it would shut its operations. The 2-year-old company raised more than $44 million and still has $35 million in the bank, but that won’t be enough to carry it to profitability. Therefore, “the responsible decision was to close operations and return the remaining cash to our investment partners,” said founder and Chief Executive Bernard Louvat. The company’s 100 employees were told of the decision Wednesday. BizBuyer.com’s Web site will be shut down by the end of the week.