Article News National World a.m. Katrina Nicholas Meet the Internet's latest casualties. Countless other Internet companies, meanwhile, have taken drastic steps to slash cash-burn rates in an effort to keep afloat.
Employees are usually the first to go.
About 50 have been left without a job. All are owed holiday pay, superannuation and last month's salary. The likelihood of seeing their entitlements is slim and the chances of finding a job in the highly specialised dot com marketplace, which has a labour surplus, is even slimmer. Backers included Macquarie Bank and venture capital firms Amwin and Australian Mezzanine. However, just seven months later, the money was gone.