Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Michael Burgess will take over the e-commerce arm of Saks Fifth Avenue.
Saks Direct, the e-commerce arm of Saks Fifth Avenue, soon will have a new president. Michael Burgess takes over for Denise Incandela on May 7. She keeps her job as executive vice president and chief marketing officer for Saks Fifth Avenue and Burgess will report to her.
Saks Direct is No. 38 in the Internet Retailer Top 500 Guide. The e-retailer had Internet Retailer-estimated 2011 sales of $748.6 million, up 28% from $584.8 million in 2010.
Burgess comes from FTD Group Inc., No. 71 in the Top 500, where he has been executive vice president of the consumer division since 2008. At FTD, he oversaw such functions as merchandising, marketing and consumer information technology, Saks says .
Between 2006 and 2008, Burgess was vice president and general manger, Internet business, for Teleflora LLC , another retailer of flowers and gifts. He also was an executive at Better Life Media Inc., a media production and distribution firm; Selby Venture Partners, an investment company; ForRetail, an online marketplace; and Crossworlds Software Inc., a technology firm acquired by IBM.
“Michael is a proven leader with a terrific track record of industry-leading performance,” says Steve Sadove, Saks chairman and CEO. “His experience as a business operator in strategically growing online organizations makes him a great fit for this important role. He will be a strong partner to Denise Incandela and the rest of the team at Saks.”