Haven’t seen any confirmation of this yet, but it seems inevitable none-the-less.

Bad news for San Francisco based ecommerce site Red Envelope, an “upmarket online retailer with the primary goal of making gift giving easy and fun”: it’s about done. The company’s market cap is just $2.95 million even though it has cash on hand of nearly $12.3 million. The stock is trading at $0.23/share - it was as high as $8.42 in the last year.  (Olag Egner)