Web-only discount retailer Clearance.co is acquired for $40 million
Its new owner, Development Capital Group, plans a mobile commerce push.
Yes they had a site, revenue and customers but buoyed by an exact match dotCO (and only nine full-time workers and six independent contractors), they accomplished all this. And $150K was much more impressive on Black Friday than anything those domains do alone. Today the glasses at clanking at Donuts and Unirgeistry for sure.
Fresh off the Internet Retailer press:
Web-only discount retailer Clearance.co has a new owner. Miami-based investment firm Development Capital Group Inc. has bought the one-year-old company for about $40 million in an all-stock transaction.
Clearance.co began selling such discounted products as bedding, electronics, jewelry, apparel and sporting goods in April 2013, according to a filing this week with the U.S. Securities and Exchange Commission. From April until December 31, 2013, the California-based company earned approximately $2.1 million in revenue. That includes $150,000 of sales on Cyber Monday, the e-commerce shopping event that took place on Nov. 25, the first Monday after Thanksgiving.
Clearance.co employs nine full-time workers and six independent contractors.
The retailer’s founder and CEO Shahbod Rastegar takes over as CEO and board chairman of Development Capital Group. The investment firm’s previous CEO, Johnathan Lindsay has resigned from that job, but remains as director. MORE