LetsBuyIt.com, the debt-laden Internet retailer that has sought court protection from creditors and suspended its main Frankfurt share listing, has said no early rescue deal is in sight.
In the latest indication that Internet commerce is a far harsher business than it seemed just 12 months ago, LetsBuyIt's holding company, Amsterdam-based LetsBuyIt.com NV, sought court protection from creditors late on Thursday.
The company's cash pile has dwindled alarmingly since its poorly-received July initial public offering, which raised just €66 million (£52 million) - half the hoped-for amount - after two postponements as market sentiment on technology stocks soured.
Spokesman Mr Stephen Cox said LetsBuyIt's bank balance had fallen from its precarious €51 million at the end of September.
But he declined to confirm earlier comments from a company consultant that the firm had only €18 million euros at its disposal.
LetsBuyIt, the UK-based site which brings together buyers to place bulk orders for products to press down prices, said last month it was hoping to raise €80 million to tide it over until it could return a positive cash flow.
