RealTime IT News

FairMarket Scores a UK Deal

Troubled dynamic pricing technology company FairMarket Inc. scored a significant customer win today by signing Comet, said to be the UK's No. 2 online retailer, as a user of its auction services.

Comet, part of the Kingfisher retail group, operates the UK's second most trafficked retail Web site after the retail leader Argos. The new Comet auction site is located here..

Financial arrangements of the deal were not disclosed.

"FairMarket is helping Comet to maximize yield on appliances and electronic goods while providing a more engaging consumer shopping experience," said N. Louis Shipley, president of FairMarket International.

Comet said it will be using the FairMarket system initially to supplement its existing clearance center in Chingford, North London, which helps dispose of Comet's distressed stock. The FairMarket auction solution will list clearance products including large household appliances (refrigerators, washing machines, etc) and consumer electronics (TVs, VCRs, DVD players).

Woburn, Mass.-based FairMarket has been struggling of late, its stock trading in the 90-cent range. Earlier this week it reported second-quarter revenues of $3 million, an increase of 11.9 percent compared to revenue of $2.7 million in the first quarter of 2001 and flat compared to revenue of $3 million in the second quarter of 2000. Pro forma net loss was $6.2 million, or 22 cents per share.

Nanda Krish, a member of the company's board of directors, was named interim CEO earlier this month. Last May the company cut 40 jobs and said that Chief Executive Officer and President Eileen Rudden had resigned.