The city is broadening the reach of its 9% “amusement tax” to include streaming entertainment services like Netflix and Spotify.
An investment firm takes a majority stake in the trendy men’s accessories e-retailer.
Investment firm Chicago Growth Partners has acquired a majority stake in e-retailer The Tie Bar.
The Tie Bar, which sells neckties, socks and men’s fashion accessories and is No. 804 in Internet Retailer’s Second 500 Guide, generated an estimated $5.67 million in sales last year. The Tie Bar and Chicago Growth Partners declined to reveal the size of the investment.
The e-retailer, based in a Chicago suburb, started selling online in 2004. All neckties are priced at $15 and the retailer ships all orders for a flat rate of $5.99. Department store chain Nordstrom also sells The Tie Bar products on its e-commerce site, and the ties have appeared in GQ Magazine.
The retailer says the investment from Chicago Growth Partners will help it expand, enhance its marketing capabilities and improve its customer service.
“I am thrilled with The Tie Bar’ success to date and am excited to continue to execute our growth plans within the fashion industry,” says Anand Shah, who was named CEO of The Tie Bar in June. Shah was previously chief operating officer of T-shirt e-retailer Threadless.com, No. 356 in the Top 500 Guide.
Greg Shugar, who co-founded The Tie Bar, will remain as its chairman.