But the social network’s advertising revenue grew 18.4% during the quarter.
Potpourri operates CountryStoreCatalog.com and other retail sites.
Web and catalog retailer Potpourri Group Inc. has bought Cuddledown Inc., a manufacturer and multichannel retailer of luxury bedding, down products and sleepwear. Potpourri did not say how much it paid for Cuddledown, founded in 1973.
Potpourri Group, No. 141 in the Internet Retailer Top 500 Guide, operates such retail sites as CountryStoreCatalog.com, NorthStyle.com and TheStitchery.com. The deal follows Potpourri’s purchase of Country Store in 2010 and its 2012 acquisition of Fetch Dog, which sells products for canine pets. Potpourri says it has bought 10 brands since its founding in 1998.
“We were attracted to Cuddledown because of the strength of its management team, its impressive growth and the complementary nature of it product and customer base” says Jonathan Fleishmann, president and CEO of Potpourri Group, or PGI. “Cuddledown’s product offering and merchandising expertise in the high-end bedding market makes the company an excellent addition to PGI’s diverse product mix and will give PGI the opportunity to further expand into the home sector generally and the bedding product sector specifically.”
Tully & Holland Inc. advised Cuddledown for this deal.