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LetsBuyIt.com Lets Go of Staff

Although there was heartening news last week for employees of LetsBuyIt.com, with a White Knight riding in to save the company from near-certain bankruptcy, the good news has stopped with the announcement that approximately 200 of the present 350 staff employed by the company are to be made redundant.

According to the company, "In view of the present situation LetsBuyIt.com N.V. cannot but close a number of country operations and lay off a considerable number of its present staff."

Obviously trying to sugar the pill, the company also commented that itis still negotiating with potential investors for its next round of financing.