In The News |
| September 13, 2005 |
ONLINE RETAILER SMARTBARGAINS.COM RAISES $18 MILLION IN EQUITY FUNDING AND APPOINTS BENJAMIN FISCHMAN PRESIDENT AND CEO
BOSTON, September 13, 2005, - SmartBargains.com, Inc. a leading online, off-price retailer, today announced the appointment of Benjamin Fischman as President and Chief Executive Officer. Mr. Fischman previously headed the company's marketing and sales efforts while serving as its Chief Marketing Officer for the past five years. Prior to joining SmartBargains.com, he founded Lids Inc. a nationwide specialty retailer of headwear and accessories.
"Ben's leadership has been critical in growing our company into the successful online retailer it is today," said James Held, Chairman, SmartBargains.com. "His expertise in marketing and merchandising is the perfect combination to further propel SmartBargains.com in the future."
The company also announced that it has received a commitment for $18 million in equity funding from its investors including Gordon Brothers, Highland Capital Partners, Maveron and General Catalyst.
"We believe SmartBargains.com is poised for tremendous growth," said Robert Higgins of Highland Capital Partners. "The additional funding will help to introduce SmartBargains.com to millions of new value-conscious customers."
SmartBargains.com will use its additional funding to expand its customer relationships through marketing partnerships and greater use of customer analytics tools and programs. Furthermore, the financing will provide SmartBargains.com with working capital to fund its projected growth as well as enable it to take greater advantage of opportunistic merchandise purchases.
"Consumers have responded to SmartBargains.com's merchandise platform, which has translated into the addition of thousands of new customers each month," said Fischman. "With this funding we will further expand our brand awareness and continue to build great relationships with our customers."
About SmartBargains.com
Since 2000, SmartBargains.com has reached millions of consumers with its high-quality, off-price merchandise. SmartBargains.com offers superior quality goods and top brands at up to 70% off retail value, providing its customers the very best in apparel, electronics, jewelry, home goods, and much more. Visit www.SmartBargains.com for more information and a complete product selection.
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