…raise another round and try again.
Wine.com, the seemingly cursed etailer, is now on to its 7th incarnation. Due to dilution, rachets, and God knows what else, it now has 45,000,000,000 shares outstanding.
I can’t think of a better illustration of the danger of sunk costs. If you wanted to start a fresh wine retailer today, you could probably do it on a shoestring budget of less than a million. Yet Wine.com, which has a cursed history and nothing but losses, can still raise millions upon millions to try, try, again.
Even my friend George Garrick, who had been very successful in the past, couldn’t turn it around. Best of luck to the new CEO!