Letsbuyit shares go down the toilet
After suspension lifted
Letsbuyit.com is in dire trouble. Not that this will come as much of a surprise to anyone who knows what the words "sustainable business model" mean.
The trading in its shares (don't ask) was suspended on 29 December and lifted today. The share price promptly slumped 68 per cent. That's an 88 per cent fall in price since its IPO, although it is still apparently worth £22.5 million.
The bulk-buy company has asked a Dutch court to give it longer to pay its debts and the market seems to take this as a sign of instability. Funny. Oh, and it's meeting with a bankruptcy expert today.
The site is still up but its not taking any new orders. ®