Fewer dotcoms hit the buffers

Fewer dotcoms hit the buffers

The rate of internet company closings appears to be slowing down as only a third of the dot-coms shut down operations or declared bankruptcy in the first quarter of 2002.

The rate of internet company closings appears to be slowing down with only 54 dot coms closing their doors in the first quarter of 2002.

Merger and consulting company, Webmergers.com, which tracks the count each month on its web site, reported just 54 internet companies shut down compared with a year-ago total of 164 companies.

The latest number brings the count to 823 dot com failures since January 2000.

There were 17 casualties in March, down slightly from 18 in February and 19 in January. March showed the lowest casualty rate since August 2000 when ten internet companies failed.

Tim Miller, president of Webmergers said the worst appears to be over. ‘But the tail appears to be pretty long, given that there are a number of holdouts.’

Miller said the March numbers are in line with the company’s predictions that the shutdowns rate will plateau for much of 2002 before declining much further.

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