In an announcement today by Bluefly, Inc., it was disclosed that an associate of Clearlake Capital Group has acquired an estimated 89% of the outstanding shares of Bluefly Inc straight from the principal shareholders of the company. Clearlake and Bluefly also made an agreement that Clearlake is allowed to purchase treasury shares of Bluefly. This, together with the shares acquired from the principal shareholders will sum up to over 90% of the existing shares of Bluefly.
In accordance with the same agreement, Clearlake concurred to buy the remaining outstanding common shares of stock of Bluefly. The purchase will be by way of a short form merger at the value of US$0.10 per share.
Bluefly Inc. was founded in 1998 and holds headquarters at the center of the Fashion District. It is a renowned online retailer of trendy fashion designer brands at a reasonable value. "Clearlake brings an outstanding team with eCommerce and financial expertise, and they are dedicated to re-energizing this business and brand at a pivotal time in our sector. With this transaction, Bluefly will be well-capitalized and well-positioned for growth, building on its loyal following and continued strong traffic," according to Chief Executive Officer of Bluefly, Joseph Park.
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