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    Lets try it, LetsBuyIt again!

    Lets try it, LetsBuyIt again!

    Neuer Markt-listed online retailer, LetsBuyIt.com, has resumed regular business operations in Germany, France, Sweden and the UK after requesting its moratorium on debts be lifted.

    Author Date published February 22, 2001 Categories

    Amsterdam law firm Houtoff Buruma, which had applied for the moratorium on 28 December, asked for it to be lifted on 8 February on behalf of the company.

    The Dutch based, co-operative buying website said it planned to resume sales on all its other websites in the second quarter. The company also said it ‘intends to settle all creditor demands, to refund customers, and to fulfil outstanding orders promptly.’

    LetsBuyIt.com was saved from bankruptcy last month by receiving Euros 52m from existing shareholders and new investors.

    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.

    LetsBuyIt.com has already received Euro 20m from investors, and will receive the remaing Euros 32m at the beginning of March.

    Links

    Lets buy it, say shareholders!

    VCs come to rescue of LetsBuyIt.com

    Letsbuyit.com escapes wind-up order

    LetsBuyIt.com files for bankruptcy

    Letsbuyit.com shares tumble 68%

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