Letsbuyit.com axes 200 staff
- Added:
- Jan 31, 2001
The decision was made in light of the company's current financial situation, and will see the company close down a number of its 14 localised European operations - which European offices will be affected has not yet been disclosed.
The company made this statement; “LetsBuyIt.com N.V. cannot but close a number of country operations and lay off a considerable number of its present staff. Further details related to this redundancy will today be made known to the employees”.
Having raised 4m euros (2.5m), Letsbuyit.com revealed it has been promised up to 50m euros (31.6) further investment by the end of February.
Letsbuyit.com today said: “The Management of LetsBuyIt.com N.V., 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.”