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Letsbuyit.com to Resurrect Within “Next Few Days”

News, 22 February 2001


Following the decision of an Amsterdam court to lift the bankruptcy restrictions imposed on December 28 [WAMN: 7-Feb-01], Letsbuyit.com announced yesterday that it will open its doors again for business within the next few days.

Trading will resume in the UK, Germany, France and Sweden following the recent completion of the e-tailer’s refinancing, in which it raised over 52 million euros from new and existing investors.

As part of the restructuring deal agreed with investors, Letsbuyit has closed its offices in seven European countries and axed staffing from 350 to 150. It will now settle creditors’ demands along with customer refunds and despatch of outstanding orders.

News Source: Handelsblatt (Germany)