Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Sales for Q1 2006 at e-commerce and fulfillment provider PFSweb increased 35% to $110.7 million. However, its eCost.com subsidiary saw sales drop 57% to $35 million.
Sales for the first quarter ended March 31, 2006, at PFSweb Inc., a provider of e-commerce and fulfillment serivces, increased 35% to $110.7 million compared with $81.9 million during the same period last year.
The company’s recently acquired operating subsidiary, eCost.com, registered Q1 2006 sales of $21.8 million. These results reflect only two months of operations in PFSweb’s consolidated financials for the 2006 first quarter following PFSweb’s merger with eCost.com on February 1. ECost.com sales for the full three-month period this year were $35 million, a 57% decrease from Q1 2005 sales of $55.1.
PFSweb develops integrated business infrastructure technology and fulfillment services. Through its wholly owned eCost.com subsidiary, PFSweb sells new, closeout and refurbished brand-name merchandise at discount prices for consumers and small business buyers. The eCost.com site sells more than 100,000 products from manufacturers such as Apple, Canon, Hewlett-Packard, Nikon, Sony and Toshiba.
In 2005, eCost.com Inc. sales dropped 3% to $173.1 million compared with $178.5 million in 2004.