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Bido going, going, gone

Kevin Murphy, May 4, 2010, Domain Sales

Budget domain name auction house Bido has said it will close its doors tomorrow.
“Bido is ceasing operation as of May 5, 2010. All transactions and accounts will be gracefully finalized and closed,” the company tweeted.
The FAQ on the company’s web site carries the same message.
There’s no word yet on why it’s closing down, but my bet would be it is a cashflow issue.
COO Jarred Cohen just emailed to say that “The reason is nothing beyond obvious, the volume wasn’t sufficient to warrant operation.”
Bido raised its minimum price from $28 to $38 a few days ago, suggesting that it wasn’t really happy with its revenue performance.
According to Bido sales I’ve been looking at recently, not much more than $50,000 a month was passing through its service.
Clearly Bido’s cut wasn’t enough to profitably sustain the company.