Dot Com News from Week of May 21, 2001
- 5/25/01 - Hookt.com Inc. today said it filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the Southern District of New York. Hookt said that it has been forced to take this action as a result of current and pending lawsuits against the company by two of its former Web developers -- both of which the company strongly believes are without merit. The Chapter 11 filing will result in an automatic stay of all actual and pending litigation thereby preserving the company's ability to continue as a going concern. The company believes it is in the best interests of all stakeholders to take this action at this time.
- 5/25/01 - ABC News is paring 10 percent of its work force - about 125 jobs - as part of a broad cost-cutting effort mandated by its parent company, Walt Disney Co. ABC News has been offering buyouts to all its North American employees as part of the job-cutting program that Disney announced in late March, which will result in some 4,000 jobs being eliminated throughout all of Disney's operations.
- 5/24/01 - WebLink Wireless, Inc., a provider of wireless email, wireless instant messaging, information on demand and traditional paging services throughout the United States, announced it has filed a petition for reorganization under Chapter 11 of the federal bankruptcy laws.
- 5/24/01 - RecordTV.com Inc., forced out of business by a copyright-infringement lawsuit that brought a $50,000 settlement tab, a company that last year launched what it called an "Internet VCR" is selling its remaining assets. RecordTV.com, launched quietly last spring, allowed its users to select shows they wanted recorded for viewing later via the Internet. Also on the block for the highest bidders are a handful of Internet domains held by the company, including its flagship RecordTV.com address.
- 5/24/01 - Inet Technologies Inc., citing the challenging environment in the telecommunications industry, said it is laying off 115 employees, or almost 18% of its work force. The telecom-service provider said it was ceasing all VIA softswitch-related operations due to the overall economic slowdown and slackened demand for the technology.
- 5/24/01 - Wireless broadband provider Terabeam laid off 54 workers, or 10% of its work force. The company, which uses light to transmit high-speed data, said that the cost-cutting move won't affect the company's expansion plans. Terabeam still plans to add more staff in Denver and four other cities.
- 5/24/01 - Ezenia! Inc., a provider of real-time collaboration systems, unveiled a restructuring plan that involves a work force reduction of about 100 employees, or half its staff. The company has about 200 employees.
- 5/24/01 - Cable News Network, which dismissed nearly 400 workers in January following the merger of its parent company Time Warner Inc. with America Online Inc., has laid off about 20 more Internet employees.
- 5/23/01 - Glenayre Technologies Inc. announced a massive restructuring plan that includes reducing headcount by 55%, or 700 positions, over the next two quarters and shutting its wireless-messaging operations.
- 5/23/01 - Goldman Sachs, one of Wall Street's top firms, has axed 150 investment bankers as part of its plan, spelled out earlier this year, to cut its existing work force by around 5 percent.
- 5/22/01 - Teligent Inc. and its domestic subsidiaries filed for Chapter 11 protection under the U.S. Bankruptcy Code and the company negotiated an interim pact with its lenders to fund near-term operations. The company, which sells phone and Internet services to businesses, said it made the voluntary filing to allow the company to reorganize while continuing day-to-day operations.
- 5/22/01 - Allied Riser Communications Corp. said it reduced its work force by 23%, or 117 employees, to cut costs. The Dallas provider of broadband data, video and voice-communications services said the reductions include losses from attrition since Feb. 15.
- 5/22/01 - OnSite Access filed for Chapter 11 bankruptcy protection. The company wires buildings for Internet access.
- 5/22/01 - Red Herring laid off 20% of its staff, continuing to dismantle an expansion undertaken by the magazine during last year's blitz in tech advertising.
- 5/22/01 - Unable to get credit from enough of its vendors, housewares retailer Lechters Inc. filed for Chapter 11 bankruptcy-court protection.
- 5/22/01 - Globalmedia.com, a developer of customized Internet solutions for media and entertainment companies, announced that it has made a voluntary assignment in bankruptcy under the Canadian Bankruptcy and Insolvency Act.
- 5/22/01 - Mpower plans to cut 275 jobs, or 13% of its work force, and exit a dozen markets. The telecommunications-services firm also reduced its revenue outlook.