However, Webvan’s costs far outpaced its revenue, and it quickly burned through all of its cash. By April 2001, Webvan CEO George Shaheen resigned, and Swan was named the new chief exec.
Four months later, the company filed for bankruptcy and was forced to let go of its remaining 2,000 employees. The company’s assets were sold to Amazon. All told, Webvan was only in operation for three years.
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