In October, LimeWire stopped distributing its software and shut down its servers in order to comply with a court ruling stemming from its lawsuit with the RIAA. In June, the RIAA said it would seek $1 billion in statutory damages for the copyright infringement incurred by the service.
Yesterday, Peter Kafka at AllThingsD reported that LimeWire had shut down its online music store. The closing of this store, which operated like iTunes or eMusic (that is, legally), suggested that the overall company might be shuttering.
Today, LimeWire responded to Kafka, confirming in its statement that it is indeed closing its doors.
“Given our current situation, plans to bring our separate, legal music service to market have been canceled. The beginning of 2011 will mark the closing of LimeWire’s New York office and cessation of business by LimeWire. We attracted some of the top talent from the technology community over the years to build our new music service. We’ll be helping our team members commence their job search over the next few months.”
This is an excerpt from the MASHABLE article which can be found here!