Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The Hong Kong-based company provides online marketplaces and trade shows that connect buyers with consumer product suppliers in China.
Global Sources Ltd. has reported an 8.1% drop in online revenue for the second quarter, as total revenue, including sales from trade shows, decreased 5.0%.
Global Sources, based in Hong Kong, operates the business-to-business trade portal GlobalSources.com, which is used by some 1 million buyers to source products from more than 300,000 suppliers. It also operates several business-to-business exhibitions in Hong Kong; Miami, Sao Paulo, Brazil; and Jakarta, Indonesia, and it publishes several print and electronic trade magazines. It typically coordinates information about suppliers and products featured at its trade shows with the content it presents online and electronic versions of its magazines. Global Sources also connects buyers with a relatively small number of suppliers based in South Korea and India, a spokesman says.
GlobalSources.com organizes products into 19 categories, including auto parts and accessories, baby and children’s products, computer products, fashion accessories, garments and textiles, machinery and parts, medical and health products, mobile electronics, security products, sports and leisure, and telecom products.
For the second quarter ended June 30, Global Sources reported:
● Online revenue of $20.844 million, down 8.1% from $22.689 million a year earlier;
● Revenue from exhibitions of $32.412 million, down 2.7% from $33.274 million;
● Total revenue, including print magazines and other sources listed as “miscellaneous,” of $58.337 million, down 5.0% from $61.439 million.
For the six months ended June 30, the company reported:
● Online revenue of $42.096 million, down 11.7% from $47.664 million a year earlier;
● Revenue from exhibitions of $41.272 million, up 18.7% from $34.775 million;
● Total revenue of $92.807 million, up 0.1% from $92.691 million.
Global Sources doesn’t list its online gross merchandise value, or the value of all merchandise sold through GlobalSources.com.
The company’s stock is traded on the Nasdaq exchange.
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