LondonNet News Headlines
- Jobs disaster as high profile internet site goes under
HUNDREDS of internet jobs will go with the upcoming liquidation of Boo.com, on-line the leisure wear retailer.
Boo has been under a financial cloud for some time but yesterday finally gave up hope of attracting new funding and called in liquidators KPMG. 300 employees will be made jobless.
Ernst Malmsten, Boo's co-founder, said he had been "too visionary" and had "not controlled costs," a sweeping understatement given that his enterprise managed to spend nearly UKP100 on technical development and marketing without getting much back in terms of revenue.
Boo was one of the most high profile internet sites in Europe and industry pundits reckon its demise will make it harder for new start ups to attract finance.