Feeds

Letsbuyit ditches 200 staff

Just put it out of its misery, please

  • alert
  • submit to reddit

Remote control for virtualized desktops

Letsbuyit.com is to lay off 200 staff and scrap operations in some countries in an effort to avoid collapse.

In the never-ending saga of the dotcom that simply refuses to die, around 60 per cent of employees will be shown the door.

Today's announcement follows 27-year-old hacker-cum-new media entrepreneur Kim Schmitz bailing the company out at the last minute. He has promised to cough up the bulk of the £2.5 million needed to salvage it from bankruptcy.

The Dutch registered-business, listed on Frankfurt's Neuer Markt, asked for protection from creditors last month - at the time it was given until today to come up with a rescue plan. It also saw founder John Palmer step into the CEO hot seat after most of its management quit en masse. Schmitz, infamous as the hacker who broke into the Pentagon, is a friend of Palmer's.

The dotcom is still in talks with potential investors to try and wring out its next round of financing, and reckons it needs £25 million to break even. ®

Related Stories

Letsbuyit awakes from coma
Letsbuyit safe! For three days
Letsbuyit boardroom bickering to blame for collapse
Letsbuyit bosses resign en masse

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Big Content outs piracy hotbeds: São Paulo, Beijing ... TORONTO?
MPAA calls Canadians a bunch of bootlegging movie thieves
Google Glassholes are UNDATEABLE – HP exec
You need an emotional connection, says touchy-feely MD... We can do that
Just don't blame Bono! Apple iTunes music sales PLUMMET
Cupertino revenue hit by cheapo downloads, says report
US court SHUTS DOWN 'scammers posing as Microsoft, Facebook support staff'
Netizens allegedly duped into paying for bogus tech advice
Feds seek potential 'second Snowden' gov doc leaker – report
Hang on, Ed wasn't here when we compiled THIS document
Verizon bankrolls tech news site, bans tech's biggest stories
No agenda here. Just don't ever mention Net neutrality or spying, ok?
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
New hybrid storage solutions
Tackling data challenges through emerging hybrid storage solutions that enable optimum database performance whilst managing costs and increasingly large data stores.
Mitigating web security risk with SSL certificates
Web-based systems are essential tools for running business processes and delivering services to customers.