Letsbuyit.com resumes trading
SHARES OF EUROPEAN Web retailer Letsbuyit.com recovered slightly Tuesday morning after a day-long suspension of trading, but were still down sharply since the company sought bankruptcy protection under Dutch law.
Company officials were scheduled to meet Tuesday with a Dutch bankruptcy trustee to discuss the future of the company, a spokesman said.
Trading in the company's plunging shares was suspended Friday on Frankfurt's Neuer Markt exchange, and resumed Tuesday, a spokeswoman for the stock exchange said. The exchange was closed Monday for the New Year's holiday.
The stock was at 0.69 euros in early-afternoon trading, a gain on the opening price of 0.46 euros, but still 45 percent down from Thursday's close, and a fraction of the subscription price of 3.50 euros in July.
Amsterdam-based Letsbuyit.com announced Thursday its intention to apply for a provisional moratorium from paying debts in the Netherlands, where the holding company is registered.
The company specializes in a "power shopping" business model, where online shoppers get cheaper prices the more users bid for a particular product. Letsbuyit.com fought a battle with German authorities over the country's 1930s-era discounting laws which forbid the model in that country, finally winning a decisive victory when the laws were abolished last month.