In deciding to pull the plug on Tootoo, Ninetowns Internet Technology Group Company Limited cited the unfavorable worldwide economy. "We carefully assessed the long-term impact of continuing our B2B business and have determined that the time and investment required for further support is not in the best interests of the company or its shareholders given the uncertain global economic environment," Ninetown CEO Shuang Wang was quoted as saying in a China Tech News story . Tootoo served as search and service provider for companies involved in international trade. The shutdown should be completed within 60 days.
In what very well might be the first case of an E-Commerce site blaming the global economic slump for its decision to go out of business, Chinese E-Commerce site Tootoo.com is being taken offline by its owner.