KPMG Reportedly Close to Boo.com Sale

Share this article:
Boo.com's assets could be sold off as early as this week, according to reports.


London-based KPMG, the company hired to liquidate the firm, held discussions with several interested parties over the weekend trying to sell Boo.com as a going concern, according to Reuters.


KPMG briefed employees about the progress of a sale but did not disclose any details. KPMG has asked interested bidders for a $1.49 million deposit to secure a place on the list of serious buyers. About 30 of Boo.com's employees have been retained to assist with the sale; though none of its employees has been laid off, they have not been paid in a month.


Boo.com, a sports and clothing e-tailer, collapsed last week after only six months of operations. Apparently, the company spent the bulk of its $135 million seed money on marketing and advertising. According to reports, the company still owes $25 million to advertising agencies.
Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Digital Marketing

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Digital Marketing

Video's Going Programmatic, New Study Contends

Video's Going Programmatic, New Study Contends

Some 60% of brands now buy online video programmatically, according to a study from AOL's Adap.TV.

Dollar Growth Rate of Video to Peak This Year

Dollar Growth Rate of Video to Peak This ...

It will increase by 56% to $6 billion, then taper off due to growth in inexpensive mobile placements, says a new study.

Alliance Data Spends $2.3 Billion to Buy Conversant

Alliance Data Spends $2.3 Billion to Buy Conversant

CEO Ed Heffernan says the acquisition "bulks up" the digital marketing power of Alliance and its Epsilon and Loyalty One units.