Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Adam Bernhard, who founded the flash merchant in 2007, becomes an advisor.
HauteLook, the flash-sale e-retailer of apparel and home furnishings that department store chain Nordstrom Inc. acquired in 2011, is restructuring its top management positions.
Adam Bernhard, who founded HauteLook in 2007, is vacating his job as CEO and will now act as an advisor. Terry Boyle, who joined HauteLook in 2008 and has been the e-retailer’s president, will now lead the business and report to Nordstrom Direct president Jamie Nordstrom. Another CEO will not be hired, Nordstrom says.
Nordstrom Inc., No. 28 in the Internet Retailer Top 500 Guide, generated $1.3 billion in web sales across its online businesses in 2012 and has said publicly that it wants to generate $6 billion in sales online by 2020. Nordstrom paid $270 million for HauteLook in 2011 when the flash-sale site had just more than 4 million members. It now has more than 14 million, the company says.
"HauteLook is performing well—the business is growing, it's profitable, and Adam has built a strong team," says Jamie Nordstrom. "While we're sad to see Adam step out of this role, we look forward to continuing to collaborate with him as we move forward and develop additional capabilities to better serve customers."