Ritz Interactive withdraws its IPO
Ritz Interactive Inc. is putting off plans to go public. The company, No. 102 in the Internet Retailer Top 500 Guide to Retail Web Sites, filed formal documents with the Securities and Exchange Commission on May 22 to withdraw its initial public offering.
“We have withdrawn our S-1 registration statement with the SEC due to market conditions,” says a Ritz Interactive spokesman. “We intend to continue to grow our company and will re-file our registration statement when market conditions are more favorable.”
Ritz Interactive could have initially raised up to $34.5 million in new working capital as a result of going public, industry observers say. Ritz, which filed for its IPO Sept. 9, planned on using proceeds to pay off a $10 million promissory note and for general corporate purposes and business development, including making more acquisitions.
Ritz, operator of multiple e-commerce sites such as RitzCamera.com, BoatersWorld.com, ritzPIX.com and others, reported web sales of $83.1 million in 2005, down slightly from e-commerce sales of $85.8 million in 2004.
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