Crenk » web service http://crenk.com Web Apps, Mobile Apps and Reviews Sat, 20 Mar 2010 16:53:14 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 Lycos Europe To Close Its Doors. Is This First Step to Tech Company Closures? http://crenk.com/lycos-europe-to-close-its-doors-is-this-first-step-to-tech-company-closures/ http://crenk.com/lycos-europe-to-close-its-doors-is-this-first-step-to-tech-company-closures/#comments Thu, 27 Nov 2008 11:17:29 +0000 Steven Finch http://crenk.com/?p=1347 There have been a lot of huge companies here in the UK shut down of late because of the economic crisis, such as Woolworths, MFI and others. In the technology world there havent been too many casualties so far. However that being said, it has been reported this morning that Lycos Europe will be closing its doors. A date still hasnt been confirmed but it is rumoured to be before the end of the year.

Lycos Europe, the portal and Web hosting service, said on Wednesday that it has concluded a strategic review process and will shut down operations and seek a sale of remaining assets. The company is separate from Lycos in the U.S., and was launched as a joint venture between Telefonica’s Terra and Bertelsmann.

“As a result of this strategic review process the Management Board and the Supervisory Board of Lycos came to the conclusion that the best available option of the company is to (i) strive for a sale of its domains, Danish portal and shopping activities and (ii) to discontinue the portal and webhosting activities,” the company said.

Lycos Europe will also return about $60 million to its shareholders.

What other technology companies are going to follow in the footsteps of Lycos? It tends to be old brands that are struggling to actually build a strong brand in this ever growing environment. My tip has to be on Napster being of the big boys to close its doors very soon!

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