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In the face of buy.com’s $50 million in losses, buy.com founder Scott Blum rescues the company’s credit card processor relationship with more financing, topping off interim funding already promised in the recent merger agreement.
Buy.com, which had expressed concerns in a recent SEC filing about continuing its relationship with its credit card processing company vendor, has renewed its merchant services bankcard agreement after receiving additional financing from Scott Blum, the company’s founder. In the filing, Buy.com, which lost $50 million in the first six months of the year and was delisted from Nasdaq Aug. 13, had said its credit card processor relationship was at risk. Neither the credit card processing company nor the amount of additional financing from Blum were disclosed.
“I’m happy to provide the necessary financial backing for the company’s continued operation,” says Blum. Blum earlier this month had signed an agreement to merge buy.com with his wholly-owned company, SB Acquisition Inc. That agreement called for him to provide buy.com with interim financing of up to $9 million. The additional financing most recently supplied by Blum is on top of that interim financing.