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AltaVista Inc cans IPO plans

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AltaVista Inc - the once great Internet outfit that now, sadly, has lost its way - has ditched plans to float the operation.

According to reports, the portal blames the dismal state of the market for its decision.

It hasn't been a happy six months for those at AltaVista Inc.

In September, the company sacked some 225 people - a quarter of its US workforce - and moved into smaller offices in a bid to save cash and to achieve "near-term profitability".

A month later AltaVista Inc CEO Rod Schrock resigned to "spend more time with his family".

And in December, Schrock's replacement, Ken Barber, announced he was retire at the end of the year. ®

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