Bluefly Sells 90% of Outstanding Shares to Clearlake Capital Purchases
Bluefly, Clearlake Capital Purchases
Bluefly, Inc., a leading online retailer of fashion forward designer brands at superior value, announced that an affiliate of Clearlake Capital Group ("Clearlake") has purchased approximately 89% of the outstanding shares of Bluefly Inc. directly from the Company's principal stockholders. Clearlake also entered into an agreement with the Company under which it purchased additional shares from the Company that, together with the shares acquired from the Company's principal stockholders, represent in excess of 90% of the outstanding shares of Bluefly. Pursuant to the same agreement, Clearlake agreed to acquire the remaining outstanding shares of common stock of the Company through a short form merger at a price of $0.10 per share. The Company expects to consummate the merger as soon as possible following the issuance of the shares, and in any event within one business day. The Company also expects that its shares will cease trading on the NASDAQ Capital Market effective prior to the open of market on May 24, 2013.
Joseph Park, CEO of Bluefly, said, "Clearlake brings an outstanding team with eCommerce and financial expertise, and they are dedicated to re-energizing this business and brand at a pivotal time in our sector. With this transaction, Bluefly will be well-capitalized and well-positioned for growth, building on its loyal following and continued strong traffic."
"Bluefly is a pioneer in offering the best in designer brands and fashion trends at a value that customers love in an online environment that is fun to visit and easy to navigate. With a new operating structure and capital, and Clearlake's leadership, we look forward to building on this legacy as we seek to reinvigorate the Company during a dynamic period in the eCommerce industry," said Scott A. Erdman, Bluefly's Chief Merchandising Officer.
About Bluefly, Inc.
Founded in 1998, Bluefly, Inc. is a leading online retailer of designer brands, fashion trends and superior value. Bluefly is headquartered in the heart of the Fashion District. In 2011, Bluefly expanded its portfolio, launching Belle & Clive, a members-only shopping destination that presents highly-curated selections of important brands via limited time sale events. For more information, please visit www.bluefly.com and belleandclive.com.