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Letsbuyit axes 200 jobs

Online retailer Letsbuyit.com is laying off 200 of its 350 staff and closing some of its operations.

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LONDON (Brand Republic) - Online retailer Letsbuyit.com is laying off 200 of its 350 staff and closing some of its operations.

The company is trying to raise investment to save it from bankruptcy, after a Dutch court granted it a stay of execution last week.

It managed to raise €4m (£2.5m) last week and has secured a commitment for another €50m (£31.6m) in the coming months.

In a statement on its website, the company said, “The management of LetsBuyIt.com, which is still under moratorium, with the approval of the administrators, is still in the process of negotiating with potential investors for the next round of financing, which is intended to secure the future of the company for the mid and long term.”

www.letsbuyit.com



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