In its second-largest acquisition, Amazon buys the company for $970 million.
Online sporting goods retailer Fogdog Sports President Tim Joyce has left the company for personal reasons, says the Redwood City, Calif.-based firm. CEO Tim Harrington is assuming Joyce's responsibilities and is not seeking a replacement at this time. Joyce joined the company last September after 20 years as a Nike sales executive.
Meanwhile, for the second quarter ended June 30, Fogdog has reported net revenue of $5.8 million, up more than 700% from $700,000 reported in second-quarter 1999, and up 24% from the first quarter. Net loss for second-quarter 2000, excluding noncash charges, was $12.0 million, versus a net loss, excluding noncash charges, of $3.7 million for second-quarter 1999. Net loss for second-quarter 2000, including noncash charges, was $17.6 million, the company says.
"These are very positive results in what was a turbulent quarter for e-commerce," says Harrington. "We made substantial improvement on our gross profit margins as well as significant reductions in our spending."