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Excite exits France, Germany and Spain
85 jobs lost
The MD of Excite Europe has been forced to regret an interview he gave to the FT in which he said he would "rather sell the business for $1 than withdraw from Europe after all the time and money we have invested".
Oh dear. That was in April. Today, Excite@Home announced it is to close next month its portals in France, Germany and Spain because of sliding advertising revenues.
Some 85 jobs will go as part of the closure which could include some in the UK since Excite's European operation is based in London. .
The decision to shut these not insignificant European operations suggests that Excite has finally conceded defeat in the European portal arena. However, it maintains that operations in the UK and Italy are unaffected by the move. For how long? We don't know.
In a statement, Excite@Home chairman and CEO, Patti S Hart, said: "While it is disappointing that market conditions make it necessary to discontinue certain European businesses, it is important for us to continue to focus more closely on our strengths.
"We remain optimistic regarding the growth prospects for Excite UK and Excite Italia, and we will continue to concentrate on delivering value to our shareholders," he said.
Last month Excite@Home made 380 people redundant in the US on top on 250 given the boot earlier in the year. ®