Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
David Balliet has two decades of multi-media retailing experience in merchandising operations.
MINNEAPOLIS, MN-Oct. 4, 2010 - ShopNBC (NASDAQ: VVTV), the premium lifestyle brand in multi-media retailing, today announced that industry veteran of 20 years, David Balliet, has been appointed as Vice President of Merchandising Analytics.
Mr. Balliet joins ShopNBC with over two decades of multi-media retailing experience in merchandising operations. Previously, he held several leadership roles in Inventory Planning and Merchandise Operations at QVC, serving most recently as Vice President Business Analysis and Reporting.
"We are excited to have Dave join the ShopNBC team," said Bob Ayd, President of ShopNBC. "He comes to us with a proven background and leadership in the electronic retailing industry, along with significant expertise in optimizing merchandising operations. We look forward to leveraging his strong business analysis and inventory management capabilities to further drive our business."
In accordance with the NASDAQ Marketplace Rule 4350, Mr. Balliet is being granted inducement stock options as of his first day of employment with ShopNBC, covering the right to purchase 50,000 shares of the company's common stock. The options will have an exercise price equal to the closing price of the company's common stock on the date of the grant.
ShopNBC is a multi-media retailer operating with a premium lifestyle brand. Over 1 million customers benefit from ShopNBC as an authority and destination in the categories of home, electronics, beauty, health, fitness, fashion, jewelry and watches. As part of the company's "ShopNBC Anywhere" initiative, customers can interact and shop via cable and satellite TV in 76 million homes (DISH Network channels 134 and 228; DIRECTV channel 316); mobile devices including iPhone, BlackBerry and Droid; online at www.ShopNBC.com; live streaming at www.ShopNBC.TV; and social networking sites Facebook, Twitter and YouTube. ShopNBC is owned and operated by ValueVision Media