Letsbuyit management call it a day

NEWS Last night the firm, riddled with debts amounting to £80m, came under the command of John Palmer, founder and supervisory board member, after the executive walkout, according to widespread reports on Internet newswires across Europe. Palmer will act as temporary chief executive and together with two court-appointed administrators will head up the search for new investors amid concerns the company will go bust. A Dutch court on Tuesday granted the company temporary protection from its creditors until 14 March, with the power to declare it bankrupt if a suitor isn't found before then. There has so far been no comment from the company on the management walkout.