Troubled online retailer Letsbuyit.com will have another crack at restructuring, according to its boss.
Chief executive and founder John Palmer said that the company will put its Swedish operations into bankruptcy and cut 60 per cent of its staff in a last-ditch attempt to survive.
"We believe we are a viable proposition, and will be in the black by the end of the year," he said. "Perhaps I'm flatly mad or masochistic. But this is something I started three years ago. I believe this is a viable business which has a healthy future as currently structured."
Formerly one of Europe's biggest e-tailing ventures, Letsbuyit was once valued at £196m and had more than 300 employees. The recent cuts leave it with just 22 staff.
The group, which used bulk ordering to drive down prices, has since adopted a different business model and acts as a channel for other retailers, selling their wares over its IT platform rather than seeking to buy and sell itself.
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