Buy.com files for IPO - again
Internet retailer Buy.com has submitted documents to the Securities and Exchange Commission (SEC) outlining a proposal for an initial public offering (IPO).
The company already went public once : In February of 2000 the dotcom raised about $182 million in its IPO, but struggled to reach profitability in the midst of an economy downturn. After reducing its workforce from more than 300 employees to about 150 in March of 2001, company founder Scott Blum purchased the firm in November 2001 for a reported $23.6 million and took Buy.com off the stock market.
According to the new SEC filing, Buy.com still is in the red posting a $15.3 million loss on revenues of $290 million in 2004. (THG)