RAPAPORT... Online retailer Gilt Groupe Inc. is close to a deal to sell itself for
about $250 million to Hudson’s Bay Co., the owner of Saks Fifth Avenue, The Wall Street Journal reported
December 14.
That price compares with the reported $1.1
billion value that venture capitalists had put on the New York-based company in
2011, the newspaper said.
Gilt, which sells a range of
home and personal items on its website, including fashion, jewelry and
furniture, was a pioneer of ‘flash sales’ that became popular during the
recession, offering short-term promotions on specific
items.
A final deal with Hudson’s Bay has not yet been reached and talks could still
fall apart as another buyer could outbid Hudson’s Bay, according to the report.
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