I just got word from MyKinda founder Lee Wilkins that he plans to shutdown the Eastern European blog network later today.
The network launched just last September and was being bootstrapped. Earlier this week we reported that they were having significant financial difficulties, and had shut down all but two of their sites. Today, those last two will be shuttered as well.
Wilkins says the shutdown is temporary to ensure that money due to writers doesn’t continue to add up. The sites will remain down until, he says, “we redefine a more profitable sustainable business model.” The company had total expenses of about €319,000, with no advertising revenue to offset it. Wilkins capitalized the company with €175,000, leaving €144,000 or so in unpaid debts.
MyKinda joins the DeadPool for now. Hopefully we’ll see them relaunch down the road, and continue to cover tech and other news in Eastern Europe.