Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Abazias Inc.’s Abazias.com reported a 205% increase in second-quarter gross profit on sales of $736,000, up 89% over a year ago, the retailer said today.
Abazias Inc.’s Abazias.com reported a 205% increase in second-quarter gross profit, to $117,000, as sales rose 89% to $736,000 from $389,000, the publicly held retailer said today.
Abazias, whose stock is traded over-the-counter under the symbol ABZS, reduced administrative expenses in the quarter by 78%, said CEO Oscar Rodriguez. But it realized a net loss of $25,900, he added.
Q2 marked the first quarter Abazias showed a positive cash flow as a public company, at $43,000, Rodriguez said. Abazias.com offers more than 70,000 diamonds valued at more than $350 million, the Gainesville, FL-based company says.