Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Abazias, an online retailer of loose diamonds and jewelry sold at discount prices, cut Q2 expenses to slash its net loss to $27,000 from $790,000 a year ago. Sales fell 22% to $414,000, but gross profit rose 63%.
Abazias Inc., an online retailer of loose diamonds and jewelry sold at discount prices, cut second-quarter expenses by 90%, or $740,000, to slash its net loss to $27,000 from $790,000 a year ago. Sales fell 22% to $414,000, but gross profit rose 63%, CEO Oscar Rodriquez said.
The retailer, whose web site is at Abazias.com, said its 90% drop in general and administrative expenses was related to a decrease in expenses in attorney`s fees and other costs related to the sale of company stock. Abazias stock began trading on the OTC Bulletin Board in late 2003. It attributed the decline in sales to a change in staffing, and the increase in gross profit to “more sophisticated levels of margin mix.”
Abazias says it plans to continue seeking outside investment through investment firms including SmallCapVoice.com and Friedland Capital Inc.