Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Online sporting goods retailer Gear.com has raised $12 million in new capital, says the Seattle-based firm. Investors include the Madrona Venture Group, Kellett Investment Corp., Sugar Mountain Capital, Elliott Associates, L.P. and Westgate International L.P. Gear.com will use the funding for new customer service tools and to continue expanding product offerings on its Web store, which currently features more than 250,000 "closeout" items from approximately 550 sporting goods manufacturers, it says.
The company provides sporting goods manufacturers with an additional distribution channel for their closeouts and offers consumers a 30-day, no-questions-asked, money-back guarantee. Top brands include The North Face, Timberland, Pearl Izumi, Black Diamond, Rawlings, MongoosePro, Champion and Puma.