Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Online computer and consumer electronics retailer Newegg.com finished 2007 with web sales just shy of $2 billion. For the year, web sales for Newegg grew by 26.7% to about $1.9 billion from $1.5 billion in 2006.
Online computer and consumer electronics retailer Newegg.com finished 2007 with web sales just shy of $2 billion. For the year, web sales for Newegg grew by 26.7% to about $1.9 billion from e-commerce revenue of $1.5 billion in 2006.
“We are very pleased with our performance in the fourth quarter of 2007, and with 2007 as a whole,” says Newegg general counsel Lee Cheng. “Our growth, particularly with the general downward trends in the traditional retail sector, demonstrated the fundamental strength of the Internet retail channel.”
In late 2007 Newegg, No. 10 in the Internet Retailer Top 500 Guide, also opened a 337,000 square foot distribution center in Edison, NJ, that enables the company to ship 90% of all orders to customers located on the East Coast within two business days. The distribution hub features a new internally developed warehouse management and conveyor system.
With the new fulfillment hub, Newegg now occupies more than 1 million square feet of warehousing and distribution space. “The opening of the new warehouse, while directly benefiting Newegg’s East Coast customer base with faster shipping, also will have the overall effect of shortening shipping time for all customers regardless of location,” says Newegg vice president of merchandising and product marketing Bernard Luthi. “As a result, 90% of all customers will receive their shipments within two days of ordering and 99.9% within three days.”
Newegg also operates U.S. distribution centers in Industry and Whittier, CA and in Memphis, TN. Overseas Newegg has fulfillment hubs in China in the cities of Shanghai, Beijing and Guangzhou. Rick Quiroga, vice president, finance, at Newegg.com is speaking at the Internet Retailer Conference & Exhibition, June 9-12 in Chicago in a session titled Taking Security, Payments and Operations to Failsafe Levels.