[email protected] CLOSES UNIT, ANNOUNCES 500 LAYOFFS

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NEW YORK (AdAge.com) -- [email protected], Redwood City, Calif., announced it will close its MatchLogic interactive marketing division, lay off 500 employees over the next three months and cut some services on the Excite.com portal to help lower operating costs.

MatchLogic, based in Westminster, Colo., will close by the end of the year.

As previously announced, [email protected] has been working to sell and close units to conserve cash and focus on its broadband business. The company anticipates needing additional funding and restructuring or both to continue to operate.

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