Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
GNX and WWRE, which are merging this month as a single provider of retail industry supply chain services, will operate their headquarters in Chicago, where the new company expects to have 100 employees by September, GNX said.
GlobalNetXchange and WorldWide Retail Exchange, which are merging this month as a single provider of retail industry supply chain services, will operate their headquarters in Chicago, where the new company expects to have 100 employees by September, GNX reports.
“The move enables us to improve our cost structure and better serve our customers around the world,” says CEO Joseph Laughlin, who will retain the title of CEO in the merged company, for which a new name has yet to be announced. Christopher Sellers, CEO of WWRE, will serve as the new company’s executive chairman.
Chicago is also the headquarters for Transora, a retail industry trading exchange that specializes in data synchronization services, an area that GNX/WWRE needs to further develop, Laughlin says. Ken Fleming, former president and COO of Transora, recently joined GNX as vice president of supply chain services.
For GNX, the move is a return to its roots. It started in the Chicago metropolitan area in 2000, working out of the Hoffman Estates, IL, headquarters of Sears, Roebuck and Co., one of the original members of GNX. The combined GNX/WWRE will serve more than 8,000 companies, including Federated Department Stores Inc., Best Buy Co. Inc., The Kroger Co., Ace Hardware Corp., Colgate-Palmolive Co., Kimberly Clark and European retailers Metro Group and J Sainsbury plc.
Laughlin also cited Chicago as having a large, global airport as well as a desirable living environment for its employees. GNX/WWRE also operates offices in Herndon, VA, the UK, France, Germany and Japan.