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Razorfish and 24/7 Media Europe close as downturn strikes.(Brief Article)(Statistical Data Included)
Two high-profile internet agencies have closed their doors because of the downturn in the new-media market.
The internet consultancy Razorfish has closed its London office as part of a struggle to stem global losses. The company's value, once as high as $4.5 billion, has dropped below the $20 million mark.
The online sales company 24/7 Media Europe has shut down after the failure of a rescue attempt by its chief operations officer, Carl White. The closure sees the loss of 30 jobs at the agency that sold advertising space and provided e-mail marketing for clients such as Handbag.com.
The future of 24/7 had been in question since its US parent pulled funding four weeks ago from the European and South ...
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