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Short Take: Pets.com proposes liquidation, name change

Pets.com will ask stockholders this month to vote on a plan to liquidate the company's assets and change its name. Pets.com, which closed Nov. 9, is proposing to change its name to IPET Holdings. According to its proxy statement filed with the Securities and Exchange Commission, Pets.com said it has paid $9.7 million to company executives; that included a $225,000 bonus to CEO Julie Wainwright for staying to help wind down the company.

Pets.com will ask stockholders this month to vote on a plan to liquidate the company's assets and change its name. Pets.com, which closed Nov. 9, is proposing to change its name to IPET Holdings. According to its proxy statement filed with the Securities and Exchange Commission, Pets.com said it has paid $9.7 million to company executives; that included a $225,000 bonus to CEO Julie Wainwright for staying to help wind down the company.