Buy.com to Go Public
Aliso Viejo, Calif., On-line merchant Buy.com filed with U.S. regulators to raise up to $86.3 million in an initial public offering of common stock.
The IPO will be underwritten by RBC Capital Markets, Thomas Weisel Partners and Pacific Crest Securities, according to a preliminary prospectus filed with the Securities & Exchange Commission. The retailer plans to list its shares on Nasdaq under the symbol “BUYY.”
Buy.com reportedly will use the IPO proceeds to repay debt to ThinkTank Holdings, a company owned by Buy.com chairman, CEO and principal stockholder Scott Blum. The merchant also will use the proceeds to guarantee its obligations to distributors and credit-card processors.
Wegmans to Establish Pharmacy School
Rochester, N.Y., Robert B. Wegman, chairman of Wegmans Food Markets, has donated $5 million to be used for the creation of the Wegmans School of Pharmacy at St. John Fisher College in Pittsford, N.Y. The school is expected to open in 2006.
Jo-Ann Appoints New VP
Hudson, Ohio, Jo-Ann Stores named David Holmberg executive VP, store operations. In this position, he will lead the strategic execution of the company’s transition to its newer superstore format. Holmberg has responsibility for store site selection, construction and visual merchandising, as well as the chain’s financial and operational performance.