Lycos Europe to close
After being for sale for almost eight months, Lycos Europe has acknowledged that no one wants to buy the portal, and announced Wednesday it will close its Web hosting and portal activities, and begin stripping its assets and putting those on the auction block.
The company is still planning to sell its shopping sites, Danish business and domain names, and will have to pay €50 million to its shareholders this year. Between 500 and 700 people will also lose their jobs.
The plans will not be made final until approval at the Lycos shareholder meeting on December 12 in Amsterdam, the company said in a statement.
Lycos "had been losing money at a particularly chronic rate in the last two years," paidContent reported. "Emblematic of the state of affairs, Lycos Europe last year paid Lycos Inc $5.2 million to renew its license to use the brand name, while entering the U.S. itself under a completely different name, Jubii."
0 TrackBacks
Listed below are links to blogs that reference this entry: Lycos Europe to close.
TrackBack URL for this entry: http://www.editorsweblog.org/mt/mt-tb.cgi/16048
Leave a comment