Buy.com Sells Its U.K. Arm to Retail Chain
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Struggling Internet retailer Buy.com said Tuesday it completed the sale of its British operations to John Lewis, a leading department store and supermarket chain in Britain. Terms of the deal were not disclosed.
John Lewis plans to develop its Internet site based on the technology and customer service platform of the former Buy.com U.K., which the Aliso Viejo company launched last March.
Buy.com, which is suing golfing franchise PGA Tour alleging breach of contract, recently announced plans to cut 125 jobs and quit the golf business.
For 2000, Buy.com posted a loss of $133 million, or $1.04 a share, on revenue of $787.7 million.
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