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29 Apr 2001
New York firm GEM has agreed to invest Eu25m in Letsbuyit.com to fund the troubled co-operative buying website's re-expansion plans.
After almost going bankrupt at the start of the year, closing offices and laying off 200 staff, Letsbuyit relaunched in the UK, France and Germany at the end of February to sell computers, TV, hi-fi, household appliances and white goods.
The firm said it will use the new money "to fund future growth opportunities as well as drive efficiencies and economies of scale in order to achieve profitability as planned at the end of next year".
Letsbuyit.com also said in a statement that it is renegotiating the terms of its agreement with investor Shmulik Stein International Investments (SSII). SSII committed to invest Eu3.8m, with another Eu26.2m tied to the website hitting undisclosed targets.
Shares in Letsbuyit.com had risen .13 euros to Eu0.53 by lunchtime today [Monday].
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