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(Aug. 3, 2001) -- is shutting its Web site, cutting 49 percent of its employees and restructuring the company, it announced on Friday.

One of the earliest Internet community sites, was started at Cornell University by two students, Stephan Paternot and Todd Krizelman, in the mid-1990s. It quickly became one of Silicon Alley's hottest companies when it moved to Manhattan and secured $20 million in funding from Alamo-Rent-A-Car former head Michael Egan.>p>But the company's fortunes turned with the decline in the Internet business. Messrs. Paternot and Krizelman stepped down from the co-CEO post in August 2000 and new management has been unable to buck the downward trend in online advertising, which has been the site's main revenue stream. -- Catharine P. Taylor

Copyright August 2001, Crain Communications Inc.

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