Theglobe.com to Close Its Site, Fire Workers

Theglobe.com, an online media company, plans to close its marquee site and fire half its remaining employees, pulling the plug on a company whose stock soared a record 606% in its 1998 debut and sparked the dot-com mania, only to became a symbol of Internet-era excesses.

The chat and gaming site, once a magnet for Internet users with similar interests, assembled remaining staff in its Manhattan headquarters to announce plans to close the online community site.

It said it would eliminate 60 jobs, or 49% of its remaining work force that once numbered 350, while it seeks a buyer for assets, including Happy Puppy, an online game site.

Theglobe’s network of five game sites ranks among the top three with online game audiences, the company said.

Employees said officials told them Theglobe.com site will no longer operate after Aug. 15.

Remaining employees will maintain several separate gaming sites owned by the company.

Shares of Theglobe rose half a cent to 13.5 cents in over-the-counter trading.