RealTime IT News

Soros Group Really Likes Bluefly.com

George Soros continues to make designer discount etailer Bluefly.com his cause.

An investment fund related to the hedge fund billionaire, Soros Group, has tossed in $1 million to the New York-based company's coffers, the latest in a string of investments by the fund to help bolster Bluefly.com's operations.

Shares of Bluefly.com were trading at $1.47 in morning trading Thursday after the announcement, up by 72 percent from Wednesday's close of 85 cents. The boost back above $1 helps it avoid a potential delisting if its shares continue to trade below $1 for extended periods.

The latest stake completes a prior financial commitment the Soros investment group made to Bluefly.com in March for $2 million, and is only the latest in a string of investments the group has made in the New York-based Bluefly.com, which is trying to reach profitability.

When investment group committed $2 million in capital to Bluefly.com in March, it also promised an additional $1 million if Bluefly.com needed it. It did.

In addition, the investment group committed about $4 million a year ago. In all, Soros Group has invested an estimated $50 million or more in Bluefly.

During the first quarter, its net loss was $1.8 million (25 cents per share), compared to a net loss of just over $1 million during the same time a year ago. Revenues for the quarter were up by 8 percent to $8.3 million from $7.6 million the same time a year ago.