Excite@Home said it would cut 500 jobs in next 3 months as it dro...
Excite@Home said it would cut 500 jobs in next 3 months as it drops its MatchLogic subsidiary, which handles interactive marketing services. Redwood City, Cal., company said it was trying to reduce operating costs. Selling units that “do not…
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contribute financially or strategically to the broadband access business is the right direction for our corporate viability,” CEO Patti Hart said. In recent weeks, Excite@Home, nation’s largest Internet-over-cable service provider, has been exploring its options to try to keep afloat. Company raised concerns on Wall St. with statement in its release: “There can be no assurance that such funding can be attained or that any restructuring will be successful.” Investment management firm Promethean Group recently called in $50 million in notes, but didn’t force Excite@Home into bankruptcy court after it failed to make payment (CD Aug 28 p7). Promethean said it wouldn’t act while negotiations continued.