The Asia Pacific group buying market is in consolidation mode due to intense competition, according to a new report from Daily Deal Media. According to the new report 798 daily deal sites shut down globally in the second half of 2011. In Asia the contraction was profound with 1,348 Asian daily deal sites swithcing to becoming …
Set the wayback machine to
Set the wayback machine to 2000 or so.
Anytime just before letsbuyit.com collapsed will do.
Although letsbuyit.com was more about group buying than daily Groupon-style deals.
http://news.bbc.co.uk/1/hi/business/1092257.stm 29 Dec 2000
"European web retailer LetsBuyIt.com has filed for a suspension of its debt payments and suspended trading in its shares.
LetsBuyIt.com is the latest web retailer to run into financial trouble this year. The firm's business model is unique, though, allowing shoppers to "co-buy" - i.e. make joint purchases - in order to qualify for bulk discounts.
Launched in April 1999 in Sweden, the company now operates in 14 countries and 12 languages in Western Europe.
LetsBuyIt.com continues to make losses, and hopes that an extra 80m euros ($74m, £50m) will enable it to survive until it reaches profitability.
And the rest, obviously, is history.
As reported also right here on El Reg:
Other Letsbuyit Stories right here on El Reg (follow the link above to get to them):
CoShopper in talks to buy Letsbuyit.com
Letsbuyit.com bosses resign en masse
Letsbuyit shares go down the toilet
Letsbuyit.com teeters over debt abyss
Letsbuyit wants £48m to help it into the black
Wanted: Strategic buyer for Letsbuyit.com
Letsbuyit no longer illegal in Germany?
Letsbuyit.com too sexy for stuffed shirt
Letsbuyit boosts sales and slashes staff
Letsbuyit.com ducks out of float
Letssellit.com. Oh dear, oh dear
Letsbuyit.com float on again
Letsbuyit.com pulls out of IPO (again)
See also: Kim Schmitz.
re: 'See also: Kim Schmitz'
That's Kim Schmitz, aka Kim Dotcom, aka founder of MegaUpload, soon to be Kim Schmitz formerly of a nice mansion in New Zealand.