George Soros continues to make designer discount etailer Bluefly.com his cause.
An investment fund related to the hedge fund billionaire, Soros Group, has tossed in $1 million to the New York-based company's coffers, the latest in a string of investments by the fund to help bolster Bluefly.com's
operations.
Shares of Bluefly.com were trading at $1.47 in morning trading Thursday after the announcement, up by 72 percent from Wednesday's close of 85 cents. The boost back above $1 helps it avoid a potential delisting if its shares continue to trade below $1 for extended periods.
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The latest stake completes a prior financial commitment the Soros
investment group made to Bluefly.com in March for $2 million, and is only the latest in a string of investments the group has made in the New York-based Bluefly.com, which is trying to reach profitability.
When investment group committed $2 million in
capital to Bluefly.com in March, it also promised an additional $1 million if Bluefly.com
needed it. It did.
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In addition, the investment group committed about $4 million a year ago. In all, Soros Group has invested an estimated $50 million or more in Bluefly.
During the first quarter, its net loss was $1.8 million (25 cents per
share), compared to a net loss of just over $1 million during the same time
a year ago. Revenues for the quarter were up by 8 percent to $8.3 million
from $7.6 million the same time a year ago.
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