The bankruptcy trustees of the ailing internet retailer LetsBuyIt.com have withdrawn the bankruptcy petition. Thus, the court decision on the application announced for today is no longer valid.
The reason for the withdrawal of the application is successful Negotiations for additional funding of 4 million euros. New and old investors will participate in this amount, including the venture capital company Kimvestor AG, which is increasingly participating in the financing of LetsBuyIt.com and plans to invest up to 50 million euros in the company before the end of February. According to LetsBuyIt.com boss John Palmer, the company is currently in a 'difficult phase', but he is optimistic due to new investors and the positive development over the last year. In the fourth quarter a turnover of 18 million euros was achieved, for the whole of 2000 a total of 38.5 million euros. In 1999 the total turnover was just 2.2 million euros. The number of buy-buying customers increased by over 50 percent to 255,000 in the fourth quarter.