Boxman May File for Bankruptcy Protection

Boxman.com, which sells compact discs over the Internet, has ceased operations and has until Oct. 23 to find $29 million to avoid bankruptcy, Chief Executive Tony Salter said. The company told British authorities that it will go into voluntary liquidation in 14 days if it can’t secure the funds. At the same time, its subsidiaries, Boxman UK Ltd. and Sweden-based Boxman AB, will close. Internet companies have had difficulty getting additional funding after the Nasdaq Composite Index lost a third of its value since March 10.