Pennsylvania-based Global Sports has acquired luxury e-commerce site Ashford.Com
The troubled website, which had been facing delisting from Nasdaq, was acquired in a deal that requires Global Sports to pay $7.1 million in cash for all outstanding Ashford shares. The company will also issue 430,000 shares of common stock. The deal represents just a fraction of the venture capital invested in Ashford over the past few years.
Blue Nile Secures Funding
E-commerce site Blue Nile, retailer of fine jewelry and other luxury goods, has secured $7 million in venture funding and expects to reach profitability in the fourth quarter.