PracticePeople In PracticeLets 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.

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%

Related Articles

Is inefficiency stealing your time and money?

Accounting Firms Is inefficiency stealing your time and money?

6m Emma Smith, Managing Editor
CIMA elects new president

Institutes CIMA elects new president

6m Emma Smith, Managing Editor
Transparent currency trade: How to achieve costs visibility

Governance Transparent currency trade: How to achieve costs visibility

6m Emma Smith, Managing Editor
Introduction to KPMG UK’s new leadership team

Accounting Firms Introduction to KPMG UK’s new leadership team

6m Emma Smith, Managing Editor
EY appoints head of UK Infrastructure Asset Intelligence practice

Accounting Firms EY appoints head of UK Infrastructure Asset Intelligence practice

8m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
MHA MacIntyre Hudson advises on management buy-out

Accounting Firms MHA MacIntyre Hudson advises on management buy-out

10m Emma Smith, Managing Editor