Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
In Q3 web sales increased 41.9% while same-store sales fell 7.7%.
Total sales and comparable-stores dropped for chain retailer Books-A-Million Inc. in the third quarter, but e-commerce sales rebounded.
For the third quarter ended Oct. 29, Books-A-Million, No. 398 in the Internet Retailer Top 500 Guide, reported:
- Web sales grew 41.9% to $6.1 million from $4.3 million in the third quarter of 2010.
- Total sales decreased 8.1% to $94.4 million from $102.7 million.
- Comparable-store sales declined 7.7%.
- Net loss was $4 million compared with a net loss of $1.7 million in the third quarter of 2010.
- Internet Retailer calculates the web accounted for 6.5% of total sales compared with 4.2% in the prior year.
“Results for the quarter reflect a reduction in the comparable-store sales decline that we have experienced year to date,” says CEO Clyde Anderson. “An improved publishing lineup and good performance from our general merchandise expansion were partially offset by the effects of the Borders liquidation sales in 15 of our markets.”
For the first three quarters:
- Web sales grew 24.7% to $18.7 million from $15 million in the first three quarters of 2010.
- Total sales decreased 10.1% to $301.6 million from $335.3 million.
- Comparable-store sales declined 11.1%.
- Net loss was $10.4 million compared with net income of $2.2 million in the third quarter of 2010.
Internet Retailer calculates the web accounted for 6.2% of total sales compared with 4.5% in the prior year.