Letsbuyit shuts in UK and France

More gloom from desperate e-tailer...

Letsbuyit.com, the group buying site, is closing its offices in the UK and France, with the loss of 60 jobs. The decision was made in an attempt to cut costs. European operations will be run from Germany. The company blamed the lack of available funds during the first half of the year for its poor performance. This was caused by one of its investors refusing to make promised payments.