E-tailer Letsbuyit.com is to begin trading on its website again, just days after a Dutch court lifted a debt moratorium on the firm.

"The company intends to settle all creditors' demands, refund customers and fulfil outstanding orders promptly," it said after finalising a 52m euros (£33m) rescue package.

The new Letsbuyit will still offer reductions to customers who buy in groups but will be a scaled back version of the business that sprawled across Europe before it collapsed with massive debts.

Offices in Britain, Germany, France and Sweden will reopen immediately. If trading is positive, other offices might reopen in the spring.

Letsbuyit has sought to reduce its cost base by cutting more than 200 jobs and closing several offices. It plans to turn a profit by the end of 2002.

Founder John Palmer, who has returned as chief executive after the previous management quit, hopes to improve supplier relationships and sell a broader range of products.

"Recent events have left us with a renewed sense of responsibility to our shareholders, our million-plus member community and our employees to deliver on our promises.

"Now its time for us to build the kind of world class business that has long been the vision for LetsBuyIt.com and which is now within our sights."