Letsbuyit locked in talks on future

Internet firm LetsBuyIt

Internet firm LetsBuyIt.com was still locked in talks today that are likely to determine the future of the troubled pan-European retailer.

LetsBuyIt's Dutch holding company is meeting an appointed trustee in Amsterdam for a second day after it applied for protection from creditors last week.

A spokesman said the talks would take as long as necessary "There is no definite time for a decision. The fact discussions are continuing today can only be a good thing."

The website, which allows customers to join forces to place bulk orders for products, has been a "window-shopping only" site since last Friday.

READ MORE

It insisted today that orders placed before that date would be honoured.

LetsBuyIt, which employs 70 people in Britain and another 250 staff on mainland Europe, asked for creditor protection while it sought another £50 million sterling of funding to stay afloat.

Under Dutch law, LetsBuyIt is allowed to apply for a moratorium on debts.

Shares in the company were suspended on Frankfurt's Neuer Markt exchange on Friday but then plummeted upon their resumption of trading yesterday - falling from euro 1.25 to a low of euro 0.40.

The group has struggled since last July when it raised less than it originally hoped from its German stock market flotation.

Its decision to apply for protection from creditors came despite reporting strong trading figures for the pre-Christmas period.

PA