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- Giving Voice To Values
- Decision Analysis
- Case Method
- Economics
- Business
- Business-Government Relations
- Diversity Management and Leveraging Difference
- Entrepreneurship and Innovation
- Environment and Sustainability
- Ethics
- Finance
- Accounting & Control
- Global Economies and Markets
- Leadership and Organizational Behavior
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About Us
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Value America: The Honeymoon Ends (C)
Farris, Paul W.;
Eades, Kenneth M.;
Johnson, Richard R.;
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Overview
On December 29, 1999, as the world prepared to indulge itself in millennial celebrations, more than 600 Value America employees faced bleak prospects. Value America announced plans to lay off 47% of its workforce. Barely a month prior, Value America kicked off the holiday shopping season by ousting its CEO, Tom Morgan, and removing its founder, Craig Winn, from an active role on the board of directors. Investors reacted swiftly to this negative news, and Value America shares dropped 12%, to close at $6.0313 on the NASDAQ that day. This was in sharp contrast to the intraday high of $74.25 and closing price of $55.1875 from April 8, 1999, when the company went public. This represented a decline in market value from a peak of $3.2 billion to about $262 million over a period of fewer than eight months.
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