Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The parent of FansEdge.com reports 30% online sales growth.
Dreams Inc. is heading into the fourth quarter on a big e-commerce upswing.
For October, Dreams, parent of FansEdge.com and other sports-related sites, reported web sales of $7 million dollars, a 30% increase from $5.4 million in October 2009.
Dreams will not report total sales or income until it breaks out full earnings later this month.
The big uptick in online sales last month come from a combination of organic growth from its main site, FansEdge.com, No. 198 in the Internet Retailer Top 500 Guide, combined with an expanding portfolio of web syndication clients, the company says. Dreams signed syndication agreements recently to run the online team sports gear stores for the University of Miami and the University of Texas.
“We continue to see an increase in online purchases and believe we are well positioned to benefit by this trend in e-commerce activity through the remainder of this year and beyond,” says Ross Tannenbaum, Dreams president and CEO.
For the six months ended June 30, Dreams reported:
- Web sales increased 37.2% to $20.3 million from $14.8 million in the period January through June of 2009.
- Total sales increased about 14.3% to $30.9 million from $27.03 million.
- Net loss was $2.04 compared with a net loss of $2.06 million in the period January through June of 2009.
Based on Internet Retailer calculations, the web accounted for 65.7% of all revenue compared with 54.8% in the prior year.