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Soros Pumps $2M More Into Bluefly

New York-based designer apparel and home furnishings retailer Bluefly has banked another $2 million investment from the venture capital arm of billionaire hedge fund manager George Soros.

The latest investment by Soros Private Equity Partners comes on the heels of a takeover deal in October 2000 that led to Soros taking a majority stake in the struggling e-commerce firm.

Terms of the latest million investment call for Bluefly to issue $2 million of convertible promissory notes at an interest rate of 12 per cent per annum. The notes mature on April 14, 2004.

To date, Soros Private Equity Partners have pumped about $55 million in to Bluefly. The venture capital unit owns about 90 percent of the firm.