Remember Lycos? It was once an unavoidable name on par with the Facebooks and the Twitters of the current world, but things change fast on the Internet. Its European arm, Lycos Europe, is shutting down after being unable to return to the path of profitability and/or find a buyer.

The company, consisting of a web portal and web hosting business, will liquidate its assets and return around 50 million euros to the shareholders. However, 500 to 700 people will lose their jobs. The US-based Lycos Inc. is a different company and is not directly affected by the demise of Lycos Europe, but it’s also a far cry from its glory days when its front page was the most visited portal on the web. (Mashable)