Troubled buy.com Inc., online electronics retailer, is once again a private company. Shareholders almost unanimously-96%--approved an offer by founder Scott Blum to buy the company for $23.6 million-17 cents a share. Buy.com went public in February 2000, selling 16.1 million shares at $27 each.
Buy.com now is a wholly owned subsidiary of SB Acquisition Inc., a Delaware corporation whose sole stockholder is Blum.
"I`ve always been passionate about making this company succeed. Not many entrepreneurs get a second shot at running a company they founded and I plan to make the most of it," Blum said in a release accompanying announcement of the approval. "I`m grateful to the dedicated employees of buy.com and look forward to leading a truly great company."
Buy.com in August laid off 40% of its staff--50 employees. Second quarter revenues were $94.9 million vs. $193.2 million a year earlier. Net loss was $5.7 million, an 83% improvement over $33.6 million in Q2 2000.