LetsBuyIt.com issued a statement following the investment: ‘The company intends to reach profitability in November 2002 and is expecting that the raised capital of this round of financing will be sufficient to operate the company beyond this date.
The online retailer will have immediate access to Euro 20m, and will receive the remaining amount over the next year beginning in March, when it completes its restructuring. It is also planning to issue approximately 125 million new shares as per its financing plan.
After facing a close brush with bankruptcy in January, LetsBuyIt.com was rescued by German venture capitalist firm Kimvestor. Although the identities of the investors are unknown, it is understood that Kim Schmitz, the owner of Kimvestor, has not put any more money into the online retailer as previously expected.
So far, the company has closed 12 offices around Europe, cutting 60% of its workforce as part of its restructuring plan, saving between Euro 10m and Euro 15m per year. It is expected LetsBuyIt.com will focus its operations in England, Germany and France.
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