Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Sales were down 1.9% and orders down 14.2% for the customized gifts e-retailer.
CaféPress Inc. generated $51.4 million in online sales in the second quarter, a 1.9% decline from $52.4 million a year ago. It is the second straight quarter of sales declines for the online-only retailer of customized products, such as T-shirts, coffee mugs, stationery and photo gifts. For the six months ended June 30, the e-retailer’s sales totaled $99.6 million, down 5.1% from $104.9 million in the first half of 2013.
Last week the company announced the retirement of CEO Bob Marino and the return of co-founders Fred E. Durham III and Maheesh Jain to day-to-day management. Durham is now CEO and Jain is chief marketing officer. In a statement at the time Durham said he and Jain were committed to implementing strategies that will enhance shareholder value.
For the quarter ending June 30, CaféPress, No. 117 in the 2014 edition of the Internet Retailer Top 500 Guide, reported:
- Web sales declined 1.9% to $51.4 million from $52.4 million in Q2 2013.
- Net loss was $3.6 million, an increase of 111.8% compared with a loss of $1.7 million in Q2 2013.
- The average order value was $39, up 14.7% from $34 a year ago.
- The number of orders declined 14.2% year over year to 1.27 million from 1.48 million.
CaféPress withdrew its full-year guidance, citing the management change. “We will first spend some time thoughtfully analyzing the operations and strategy of our entire company,” Durham says. “We then tend to aggressively execute a plan that we believe will streamline our business, grow profits and enhance the customer experience.”
For the six months ending June 30, CaféPress reported:
- Web sales declined 5.1% to $99.6 million from $104.9 million during the same time frame in 2013.
- A net loss of $8.8 million, up 54.4% compared with a loss of $5.7 million a year ago.
- Orders are down 16% year-to-date, but average order value has increased 16%.