LetsBuyIt Loses Management

04 January 2001

LetsBuyIt.com management quit last night under an agreement with the ailing London-headquartered e-tailer’s newly-appointed administrators.

The administrators, appointed by the Dutch courts after LetsBuyIt filed for a suspension in debt repayments [WAMN: 02-Jan-01], will run the company alongside temporary ceo John Palmer, the e-tailer’s founder and supervisory board member.

The company’s shares on Germany’s Neuer Markt recovered a little (7.4%) ahead of the announcement of the management changes. However, investors will see this as scant consolation for the 57% landslide in LetsBuyIt’s stock value following the award of court protection on Tuesday.

News source: The Times (London)