Letsbuyit back from the dead

The Dutch courts have released Letsbuyit.com from legal restrictions and the group-buying site has sprung back into action.

The site, which last month raised £33.6m from a consortium of investors, says it expects to move into profitability by the end of 2002. The courts lifted a moratorium imposed in December when the firm ran out of cash. The company says that it will significantly cut its monthly expenditure through "various restructuring efforts" and will operate from four European hubs in France, Germany, Sweden and the UK. It will also be making changes to its product assortment and working with key suppliers. Letsbuyit.com has 1.2 million members and 255,000 buying members.