Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Online furnishings retailer Broadspan Commerce has hired a new CEO in a move to regain profitability while the company operates under Chapter 11 bankruptcy protection. The retailer operates web sites DirectlyHome.com and TotalBedroom.com.
Broadspan Commerce LLC has hired Lee Cohen as CEO to head up operations for the online furnishings retailer. Prior to Broadspan, Cohen was CEO and co-founder of Finally Content, an online publisher of niche web sites such as OnHeadphones.com, OnHeadsets.com and MicrophoneReviews.com which feature product reviews, coupons and product listings. She also was a management consultant and in marketing at natural juice-based beverage maker Naked Juice Co.
At Broadspan since October, her immediate priorities are to grow sales and improve profitability by reassessing marketing and merchandising plans. In August, the company hired former BabyAge executive Tim Peck as director of merchandising.
Broadspan Commerce filed for Chapter 11 bankruptcy in October. Cohen considers turning around unprofitable businesses her specialty. At Naked Juice, she implemented a sales and marketing plan that resulted in 130% growth in its eastern region sales.
The 28-year-old isn’t daunted by her new responsibilities. “Every day is going to present a new challenge, but at the end of the day it’s exciting to have a solution for that challenge,” Cohen says. Broadspan Commerce, No. 498 in the Internet Retailer Top 500 Guide, did $5.8 million in sales in 2006.