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.
