They were three of the brightest stars in e-commerce. But for Buy.com, eToys (ETYS) and Webvan, prospects are getting dimmer by the minute.

Of the three, eToys is in the most dire straits. Executives have said the money will run out by spring - at which point they'll have to can the 290 employees who remain from a staff that once numbered more than 1,000. The Santa Monica, Calif.-based company has been trying to no avail to find a buyer since mid-December.

At first glance, this lack of interest is surprising. Unlike other failed e-commerce ventures, eToys has solid assets. It's a widely recognized brand, with one of the best-designed Web sites in online retailing; its BabyCenter.com content has won praise; its warehouses and fulfillment operations are efficient and technically sophisticated. With its shares trading around 9 cents, the company has a market value of about $22 million. EToys would seem to be a steal.

The hitch? About $280 million in debt. The company owes $150 million to bondholders and much of the rest to suppliers, including Mattel (MAT), Hasbro (HAS) and Lego. That's what spooks potential buyers such as Target (dossier), with which eToys has had discussions. Execs also might have blown a chance at a big-time deal last summer, when Toysrus.com, Wal-Mart and others approached eToys about a possible alliance.

What's more, analysts say eToys' diverse assets, while valuable, appeal to a variety of niche operations rather than to a single buyer.