CENDANT'S WEB BUSINESSES ON THE BLOCK IN RESTRUCTURING.Cendant Corp, the troubled franchising and direct marketing company is considering selling off its internet businesses that market clothes, books and other goods over the web, including the possibility of spinning them off into a separate company and doing an IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . The main two that are on the block are Books.com and Netmarket.com. An accounting fraud discovered in April forced the Parsippany, New Jersey company to restate three years of figures. Cendant also owns various online entertainment, gaming and education companies after an aggressive buying spree this year and last. Netmarket.com and other Cendant web sites require a membership fee, which may make them less attractive to prospective buyers. Cendant says it does about $100m in revenues from its internet businesses, but they lose about $50m a year at present. The companies were mostly part of CUC International CUC (Comp-U-Card) International Inc., a huge membership-based consumer services conglomerate with travel, shopping, auto, dining, home improvement and financial services offered to more than 60 million customers worldwide based out of Stamford, Connecticut and headed by Kirk , which merged with HFS (Hierarchical File System) The file system used in the Macintosh. The first version, known as "Mac OS Standard," was introduced in 1985. HFS+, an enhanced version, came out in 1998 in preparation for the upcoming Mac OS X operating system. Inc to form Cendant last year and CUC CUC Cuban Convertible Peso (ISO currency code) CUC Columbia Union College (Takoma Park, MD, USA) CUC Canadian Unitarian Council CUC Canadian Ultimate Championships was where the fraud occurred. Cendant is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of selling its consumer software business to Vivendi SA, a French water company, for as much as $985m. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion