Teen site Kibu shuts down

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Girls teen site Kibu shut down suddenly Sept. 29, laying off its 65 employees and handing the rest of its funding back to investors. In a statement to the media, Judy MacDonald, co-founder-CEO of Kibu said, "The management and investors considered the options in light of the lack of interest in b2c companies with sponsorship-based business models. The conclusion was that even if the company could achieve significant market penetration, it would not be valued appropriately. Thus the best interests of all were served by shutting the company down and returning its remaining capital to investors."To help its employees find new jobs, Kibu has launching Kibupeople.com, a site that features the resumes of its employees. Kibu is one of many dot-coms that have closed or laid off employees in the last few months.

Copyright October 2000, Crain Communications Inc.

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