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7 February 2003

Terra Lycos Slashes Workforce by 20 Percent

In a serious cost cutting measure, Spanish Internet Search firm Terra Lycos has sacked more than 20 percent of its United Staff staff this week, bringing total US staff down to 500.

The cuts were apparently necessary in light of major losses for the company, a direct result of a worldwide slump in online advertising expenditure. The across the board job losses impacted several offices nationwide, including including Waltham, Massachusetts, New York, Miami, San Francisco and California.

>> The cost cutting measure comes amid extensive management shuffling, sparked 3 months ago by the resignation of Terra Lycos' former head of U.S. operations, Stephen Killeen.

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