Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
E-retail sales reached $7 billion in the first quarter from $5.24 billion a year ago. E-retail sales equal 0.9% of retail sales up from 0.7% a year ago.
Online retail sales in the first quarter grew 33.5% over first quarter of 2000, the Census Bureau of the Department of Commerce reported today. E-retail sales, not adjusted for seasonal, holiday, and trading-day differences, was $6.994 billion up from $5.24 billion in the first quarter of 2000. The bureau estimates total retail sales for first quarter 2001 at $765.2 billion, an increase of 2.3% from the same quarter a year ago.
The first quarter 2001 e-commerce estimate decreased 19.3% from the fourth quarter of 2000 while total retail sales were down 10.6% from the prior quarter.
E-commerce sales in the first quarter of 2001 accounted for 0.9% of total sales compared to 1% in the fourth quarter of 2000. E-commerce sales were 0.7% of total sales in the first quarter of 2000.