SAN FRANCISCO - After two years of losses and a canceled public offering left it starved for operating capital, iOwn.com closed its mortgage operations and laid off more than 100 employees Monday.
A spokesman for the company said it would continue as a "homeownership destination" for borrowers and mortgage brokers.
The company will focus on referring all mortgage leads gained from visitors to the site to local brokers. Edward P. Hoyt, iOwn.com's chairman and chief executive, will stay on board, along with some of its founders, to steer the company in its new direction, the spokesman said.
The company postponed an IPO, which was expected to raise $60 million, several times before canceling it last month, stating that "the registrant does not believe that it is in the best interests of its stockholders to proceed with a public offering of its shares."
After two years of losses totaling at least $70 million, the company was left with few funding options.