LetsBuyIt Slashes Workforce in Survival Bid

31 January 2001

‘Co-shopping’ etailer LetsBuyIt.com has announced it is to lay off 200 employees – well over half its total headcount of 350 – and abandon operations in some countries in an attempt to avoid closure.

The news follows a turbulent month for LetsBuyIt, after it filed for bankruptcy protection on December 29. The etailer’s debt moratorium comes to an end today, but it has fresh hope following last week’s offer from German entrepreneur Kim Schmitz of up to 50 million euros, which acting ceo John Palmer estimates should be enough to take it out of the red [WAMN: 26-Jan-01].

News source: Wall Street Journal