By Kate Hanaghan, 29 November 2001 13:40
NEWS Letsbuyit.com has slashed its workforce by half (58 employees) as it continues in its aim for profitability this time next year. While the company has been able to reduce losses from E26m (£16m) Q3 2000 to E14m (£8m) in Q3 2001, sales have slumped from E9.3m to E335,000 over the same period. The company, which has had more than its fair share of dot-com drama, recently received E4m (£2m) in funding from investor Global Emerging Markets. This cash, it says will keep it afloat until it hits profitability in Q4 2002.
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