Let's Reinvent The Company

Online consumer sites are embracing a business-to-business model in desperation

On a mild New York City afternoon in late October, dozens of employees crowded into theglobe.com Inc.'s (TGLO) 22nd-floor recreation room. The somber mood was a far cry from November, 1998, when the popular Internet community site rocketed to fame with the fastest-rising initial public offering ever. The ping-pong table was folded up in a corner and the pool table was covered. The executives wore grim faces--and not just because the stock had plummeted 98% from those halcyon days, to 80 cents a share. They faced the monumental task of reinventing the company they had thought was a New Economy star.

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