A joint venture between BT and the beleaguered US broadband supplier Excite@home, the portal had been looking for another partner for months, but its failure to secure help, and a slump in advertising revenue, has meant that the company will close with the loss of more than 48 jobs.
Managing director Rebecca Miskin explained that the decision to close was regrettable but unavoidable.
‘Our priority is now our users and our employees to ensure that the closure is managed in an orderly fashion,’ she said.
Money left over from the closure will be split between BT Openworld and Excite@home, which has announced that it will be shedding 400 jobs in the US.
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