We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
78,780 News Articles

Letsbuyit.com resumes trading

Bankruptcy plans unveiled

Shares of European web retailer Letsbuyit.com NV recovered slightly this morning after a day-long suspension of trading, but were still down sharply since the company sought bankruptcy protection under Dutch law.

Company officials were due to meet today with a Dutch bankruptcy trustee to discuss the future of the company, a spokesman said.

Trading in the company's plunging shares was suspended on Friday on Frankfurt's Neuer Markt exchange, and resumed this morning, a spokeswoman for the stock exchange said. The exchange was closed Monday for the New Year's holiday.

The stock was at 0.69 euros in early-afternoon trading, a gain on the opening price of 0.46 euros, but still 45 percent down from Thursday's close, and a fraction of the subscription price of 3.50 euros in July.

Letsbuyit.com announced on Thursday its intention to apply for a provisional moratorium from paying debts in the Netherlands, where the holding company is registered.

The company specialises in a "power shopping" business model, where online shoppers get cheaper prices the more users bid for a particular product.

Letsbuyit.com fought a battle with German authorities over the country's 1930s-era discounting laws which forbid the model in that country, finally winning a decisive victory when the laws were abolished last month. http://www.letsbuyit.com


IDG UK Sites

Top 5 Android tips and tricks for smartphones and tablets

IDG UK Sites

How to join Apple's OS X Beta Seed Program: Get OS X Yosemite on your Mac before public release

IDG UK Sites

Why the BBC iPlayer outage was caused by a DDoS attack: Topsy and Tim isn't *that* popular

IDG UK Sites

BBC using Glasgow 2014 Commonwealth Games to trial 4K/UHD, pan-around video, augmented video and...