LetsBuyIt management team quits

The management team of beleagured Web site LetsBuyIt.com, including chief executive Martin Coles, resigned late Wednesday.

Board member and company founder John Palmer will replace Coles in the short term. According to FT.com, court-appointed administrators have taken over the running of the e-tailer with immediate effect.

In a statement released Wednesday the struggling dot-com, whose share price crashed Tuesday after it sought protection from creditors last week, said it would continue to talk with potential investors.

LetsBuyIt is attempting to raise 80m euros (£50.45m), which would support the company until it reaches profitability -- expected sometime in late 2002. It raised 60m euros from its IPO in July 2000, and it is reported to have cash reserves of 15m euros.

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