In addition Clearlake also entered into an agreement to buy up additional shares which represent in excess of 90 per cent of the company’s outstanding shares.
Clearlake agreed to acquire the remaining outstanding shares of common stock of the Company through a short form merger at $0.10 per share. As a result Bluefly will cease trading on the Nasdaq Capital Market.
Joseph Park, CEO of Bluefly, said, “Clearlake brings an outstanding team with eCommerce and financial expertise, and they are dedicated to re-energising this business and brand at a pivotal time in our sector. With this transaction, Bluefly will be well-capitalised and well-positioned for growth, building on its loyal following and continued strong traffic.”
“Bluefly is a pioneer in offering the best in designer brands and fashion trends at a value that customers love in an online environment that is fun to visit and easy to navigate. With a new operating structure and capital, and Clearlake’s leadership, we look forward to building on this legacy as we seek to reinvigorate the company during a dynamic period in the ecommerce industry,” added Scott Erdman, Bluefly’s chief merchandising officer.
Clearlake Capital focuses on special situations and private equity investments such as corporate divestitures, recapitalisations, buyouts, reorganizations, turnarounds and other equity investments.
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