| Buy.com, Incorporated |
|
|
| Type |
Private |
| Founded |
1997 (Aliso Viejo, California) |
| Headquarters |
Aliso Viejo, California |
| Key people |
Scott Blum, Chairman, Neel Grover, CEO |
| Products |
Retail-Computers, Electronics, Books, Videos, Music, etc. |
| Revenue |
$290.8MM (2004)[1] |
| Operating income |
($13.3MM) (2004)[1] |
| Net income |
($15.4MM) (2004)[1] |
| Website |
www.Buy.com |
Buy.com is an online retailer based in Aliso Viejo, California. It began by selling computers and electronics in 1997 and has since expanded into many other categories.[2] Initially the company sold items below cost and intended to make up the losses "from the sale of advertising and ancillary services like warranties and equipment leases."[2] Buy.com sold $111 million worth of goods and services in 1998, its first full year, beating Compaq's record for most first-year sales of any company.[3]
Founder Scott Blum sold his stake to SoftBank in 1999 for $195 million just before the company first filed to go public.[4] Stock values plummeted in the year following Buy.com's initial public offering and in 2001 Blum reacquired Buy.com and took it private for 17 cents per share.[5]
Criticisms
Buy.com carries no inventory but brokers deals between buyers and distributors who would normally sell directly to retailers. [6] Due to this fact, they consistently suffer from poor customer service including delayed shipping times and conflicting information on product availability online; to date they have a 2.38/10 rating on resellerratings.com - landing them among one of the poorest online retailers. [7]
References
- ^ a b c "Buy.com - Financials". Hoover's. Retrieved on 2008-02-25.
- ^ a b Nee, Eric (1999-03-29). "Meet Mister Buy(everything).com", Fortune. Retrieved on 2008-02-27.
- ^ "Buy.com Thinks You're Worth More Than Margins", Net4TV Voice (1999-02-14). Retrieved on 2008-02-27.
- ^ Lacy, Sarah (2005-01-26). "Back to the Future at Buy.com", BusinessWeek. Retrieved on 2008-02-27.
- ^ Hibbard, Justin (2005-01-25). "Buy.com: How Soon We Forget", BusinessWeek. Retrieved on 2008-02-27.
- ^ http://www.nytimes.com/2008/07/14/technology/14ebay?partner=rssyahoo&emc=rss
- ^ http://www.resellerratings.com/store/Buy
External links
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