Losses narrow at Letsbuyit.com
LONDON - Online retailer Letsbuyit.com has announced that first-quarter operating losses have narrowed and it has secured new funding of 3m (£1.8m) from a private investor.
In its first set of financial results since the company restructured early this year, the company reported an operating loss of 15.2m (£9.1m), compared with 24.8m (£14.9m) a year earlier.
However, the results reflected its recent troubles. In December, a Dutch court granted the company a moratorium on debt and, in January, the company won a last-minute reprieve from bankruptcy when it managed to secure commitments from investors. It restructured the company in February, with the loss of 200 of its 350 staff.
The moratorium costs, together with 4.8m (£2.9m) in restructuring charges, added to its first-quarter operating expenses and the company predicts that its expenses will continue to narrow in the future.
The company said it would receive its new 3m in funding over the course of this week, bringing the total investment commitment to 80.2m (£48.3m) since the beginning of the year.
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