CMGI Inc.'s uBid.com will become part of Petters Group LLC's Takumi Interactive Inc., but will retain its name and much of its existing business model in hosting online auctions and selling consumer electronics at fixed prices, the company reports.
A spokeswoman adds, however, that it is still too early to say exactly how uBid will fit into Takumi and the Petters Group, a Minnetonka, MN-based company that operates liquidation businesses. Takumi acquired substantially all of the assets and assumed certain liabilities of uBid. Terms were not disclosed.
Robert H. Tomlinson Jr., previously uBid's CFO, has assumed the role of president of Takumi. Timothy E. Takesue, formerly senior vice president of uBid and one of its founding members, is now Takumi's executive vice president of merchandising.
Tom Petters, president and CEO of Petters Group, says uBid's operations are expected to grow as a result of having direct access to its new parent company's sourcing and distribution resources. Tomlinson added that uBid's retail channel will expand the multi-channel selling opportunities for companies that sell through the Petters organization.
CMGI said the sale of uBid was consistent with its plans to focus on operating its supply chain management business.
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