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04 Mar 2002
Online retailer Letsbuyit.com will announce further restructuring in its latest efforts to survive.
It is expected to put its Swedish operations into bankruptcy too.
Further reading
The company initially raised around Eu180m from investors and is listed on Germany's Neuer Markt, but now risks being de-listed because its shares are trading too low.
The company lost its chairman, Johan Stael von Holstein, last month and today is expected to announce the resignation of the two members of its supervisory board.
The company originally started out as a co-buying site, where buyers got cheaper prices the more goods were sold. It later changed that model and now acts as a channel for other online retailers, taking commission.
It has been battling bankruptcy since last January.
"We have had more lives than a cat," John Palmer, chief executive and founder, told reporters.
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