September 21, 2001 |
Priceline.com Inc. said two companies controlled by Hong Kong's richest man were no longer seeking approval to sell shares in the online travel auction company and could increase their holdings to 37.5%. The move comes as Priceline has been hit by a falloff in travel bookings after last week's terrorist attacks in the U.S. Cheung Kong Holdings Ltd. and Hutchison Whampoa Ltd.
August 7, 2001
Delta Air Lines Inc. filed to sell 10 million common shares of Priceline.com Inc., which sells airline tickets and hotel rooms online. Delta most recently reported holding the equivalent of 23.2 million shares in Norwalk, Conn.-based Priceline. Atlanta-based Delta plans to sell 10 million of its Priceline.com shares "as soon as practicable," according to a filing with the Securities and Exchange Commission. The filing listed the market value of the Priceline.com shares at $83.8 million.
June 6, 2001 |
Two Asian conglomerates controlled by Hong Kong's richest man said they would buy an additional 25 million shares in Priceline.com Inc. in a deal that could help the popular U.S. Internet travel and commerce site expand overseas. Cheung Kong (Holdings) Ltd. and Hutchison Whampoa Ltd.--multinationals with diverse holdings ranging from hotels to Internet operations--will boost their joint stake in Priceline to 30% with the latest purchase.
May 8, 2001 |
Priceline.com Inc. said it named Chairman Richard Braddock to replace Daniel Schulman as chief executive, effective immediately. The company also said that Chief Operating Officer Jeffery Boyd was appointed president. Schulman led Priceline.com as it tried to recover from breakdowns in its customer service, the failure of an affiliated business and the departure of Chief Financial Officer Heidi Miller. Schulman joined the company in June 1999 from AT&T Corp.
April 3, 2001 |
Priceline.com Inc. said its first-quarter loss will be about 5 cents a share as the Internet seller of airline tickets and hotel reservations cut costs and took less time to respond to customers. Its shares rose 21%. The loss, excluding restructuring charges, supplier warrants and stock-based compensation, will be "at the favorable end" of its February estimate of 5 cents to 7 cents. Priceline has fired 34% of its staff and postponed expansion plans. Shares of Norwalk, Conn.-based Priceline.
February 16, 2001 |
May Department Stores Co. on Thursday said fiscal fourth-quarter profit rose only slightly after the retailing industry suffered its slowest holiday season in at least five years. Meanwhile, Office Depot Inc. and catalog retailer Spiegel Group Inc. reported lower fourth-quarter profits and said a slowing U.S. economy will crimp future results. May, whose chains include Hecht's, Lord & Taylor and Robinson May, is the first major retailer to report results for the quarter.
January 10, 2001 |
A lawsuit brought by Internet retailer Priceline.com Inc. against Microsoft Corp. and its majority-owned online travel company, Expedia Inc., has been settled, the companies said. The suit, filed in October 1999 in U.S. District Court in Connecticut, alleged that Microsoft had infringed a Priceline patent by creating a price-matching system for hotel rooms on the Expedia Web site.
December 29, 2000 |
Priceline.com Inc., the "name-your-own-price" Internet firm, said Vice Chairman and founder Jay Walker will step down from its board, effective Sunday. Walker recently assumed the role of chief executive at Walker Digital, a Stamford, Mass.-based intellectual property developer that invented Priceline.com's business model. Priceline.com, whose shares have fallen about 97% in the last year, has lost several key executives recently and is in the midst of a major restructuring.
December 8, 2000 |
Priceline.com Inc. said it will indefinitely postpone expansion into new businesses and fire about 11% of its work force, or 48 people, as it focuses on sales of airline tickets and other services. Priceline.com won't enter the business-to-business, term life insurance and cellular-telephone markets, the company said in a statement. It also ended discussions with Softbank Corp. about starting a Japanese version of its Web business. Shares of Norwalk, Conn.-based Priceline.
November 30, 2000 |
Jay Walker, founder of Priceline.com Inc. and other Internet companies, is under investigation in Connecticut for possible employment law violations, state Atty. Gen. Richard Blumenthal said. Walker is being queried about allegations that he did not provide proper notice when 100 workers were fired at closely held Walker Digital on Nov. 20, he said. Under Connecticut law, companies with 100 or more employees must give 60 days' notice when laying off more than a third of their staff.