Lycos Europe Cries “Uncle!”

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closedown.jpgADOTAS – Lycos’ European vacation is ovah. After searching for investors and putting itself on the block in April, the embattled company is officially calling it quits.

The Internet search, hosting, email, networking and online shopping company will sell some assets (most likely its domains, its Danish portal and shopping biz) and shutter the rest (Web hosting and its portal biz).

Lycos Europe reportedly has around 700 staffers. The decision to sell parts and shutter the rest will have to be rubberstamped by shareholders at their meeting on December 12. Part of the deal will require Lycos Europe to return $60 million to its shareholders.

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