One of the oldest online retailers, has laid off 160 of its 245 work force as part of a plan to streamline its business.

Founded in 1994, as Virtual Vineyards, said the job losses were distributed throughout the company and the final make up of its executive team has yet to be determined.

In a statement the California-based company said: "The senior management team has created a streamlined business plan and we are in the process of implementing that plan."

Wine.Com, which merged with (backed by, Kleiner Perkins Caufield & Byers and other investors) last year, said its web site would continue to take order and ship products to customers.