CMGI Inc.’s uBid Internet auction site has fired 86 workers, and expects costs
this quarter from the restructuring.
A U.S. Securities and Exchange Commission filing from the
Internet venture company, which also owns Web-search service
AltaVista, didn’t provide an estimate for asset-impairment
expenses for closing operations in the quarter ending Jan. 31.
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CMGI last month set a plan to close uBid’s auction business
that let consumers offer goods for online bidding and will instead
focus on helping companies sell products. EBay Inc. is the world’s
largest Internet auctioneer.
The shares of Andover, Massachusetts-based have fallen 37 percent this year after demand
waned for some of the unprofitable company’s businesses.
CMGI spokesman John Stevens didn’t immediately return
telephone messages by Bloomberg news left at his office and
wireless phone.
Bloomberg News
