Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
By providing a web-based venue for women to swap new or like-new clothing, the company will further its mission to help consumers save money.
Boston, MA– September 29, 2010 – Swap.com, the leading swap marketplace, today announced that it has joined forces with The Swapaholics, the leading organizer of national clothing and beauty product swaps, to expand into the women’s fashion market.
Now under the Swap.com umbrella, The Swapaholics’ team of sustainable style experts will continue to organize large-scale clothing and beauty product swap events across the country – making fashion affordable for everyone. They will also provide strategic support on the establishment of an online swap economy for women’s fashion at Swap.com. Currently a marketplace for swapping books, CDs, DVDs, and video games, Swap.com is poised to expand into the women’s fashion category in early 2011.
By providing a web-based venue for women to swap new or like-new clothing, the company will further its mission to help millions of people save money and the planet via swapping.
“The Swapaholics are true leaders and trendsetters in the area of women’s fashion,” said Jeff Bennett, CEO of Swap.com. “By joining forces, we are able to bring even more momentum behind the swap movement, and provide our members with an exciting new category for swapping.”
Founded by Amy Chase and Melissa Massello in 2008, The Swapaholics have hosted more than three dozen clothing swaps across the country. At a typical event, swappers bring a bag of their best new or like-new clothing or beauty products, then The Swapaholics use those items to create a pop-up boutique for the day. Attendees are given reusable shopping bags, which they can fill with new-to-them items. From vintage and classic items to the latest trends, designer brands regularly found at The Swapaholics' events include Citizens for Humanity, Diane von Furstenberg, BCBG, Nanette Lepore, Seven, alice + olivia, Betsey Johnson, JOE's Jeans, French Connection, Marc Jacobs and Charles David.
"Our swaps are really more about style than saving money,” said Swapaholics’ Co-Founder Amy “Punky” Chase. “Women tend to take more risks with their fashion choices when the sticker price has been removed, and we love that we’re able to inspire people to evolve their personal style without intimidation. We are thrilled to team up with Swap.com and help grow the swap style movement online and offline."