With more lives than the proverbial cat, troubled etailer LetsBuyIt.com has procured an extra 48 million euros (£30.6m) of investment in an attempt to lift it out of the red.
LetsBuyIt, which narrowly avoided bankruptcy last month and recently sacked 200 of its 350 employees [WAMN: 25-Jan-01; 31-Jan-01], predicts that the new money should last until November 2002 at the earliest – by which time it hopes to be making a profit. The latest investment will be available in tranches over twelve months, with 20m euros initially on offer.
Chief executive John Palmer declined to name the new investors, but revealed that, contrary to expectations, they did not include German hacker-turned-entrepreneur Kim Schmitz, the man who provided the 4m euros necessary to stave off bankruptcy.
Palmer added that normal service on the website would be resumed as soon as possible.
News source: The Times (London)