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Ritz, which filed for its initial public offering today, expects to use the proceeds from its IPO to repay a $10 million promissory note and for general corporate purposes.
Ritz Interactive Inc. is joining the growing list of web retailers going public. Ritz, which filed for its initial public offering today, expects to use the proceeds from its IPO to repay a $10 million promissory note and for general corporate purposes, the company says in its S-1 filing with the Securities and Exchange Commission.
Ritz Interactive, which operates a network of e-commerce web sites and flagship web stores such as RitzCamera.com, BoatersWorld.com and ritzPIX.com, has been eyeing the IPO market since 2004.
In its IPO papers, Ritz Interactive reports that for the year ended Dec. 31, 2004, merchandise sales totaled $85.8 million, an increase of 20.8% from the prior year.
For the six months ended June 30, 2005, merchandise sales were $41.6 million, an increase of 6.1% from the six months ended June 30, 2004.
Terms and timing for the IPO have yet to be announced. WR Hambrecht and Roth Capital are the underwriters.
In 2004, Ritz Interactive shipped more than 264,000 orders with an average order value of over $425 for digital cameras and other photography products, and over $153 for marine, boating and fishing products, the company says in its S1 papers.