KPMG Reportedly Close to Boo.com Sale
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.