Struggling Letsbuyit.com websites management team are reported to have resigned late last wednesday after their share price crashed and they sought protection from creditors last week.

The former chief executive who also resigned, Martin Coles, is said to be replaced in the short term by board member and company founder, John Palmer as they continue their talks with potential investors. Court-appointed administrators have taken over the running of this company in a bid to come up with extra euros in an attempt to save it.

Letsbuyit are attempting to raise an extra £50.34 million which is expected to support the company until it reaches profitability, expected around 2002. It had raised 60m euros and is also reported to have around 15m euros in cash reserves.