High tech e-tailer, Egghead.com (Nasdaq: EGGS) says it is selling back some Japanese investments to clear out more than $2 million in long-term debt with its partner SOFTBANK.
The Menlo Park-based company, which had a Japan-based joint venture with SOFTBANK for Onsale Japan K.K., says it is selling back its interests to Onsale Japan.
In turn investment firm SOFTBANK says it will forgiving Egghead.com’s long-term $2 million loan which was to set to mature in July 2002, including interest.
“This allows us to focus all our resources on our core business and continue to execute on our strategy of meeting the needs of small- to medium-sized businesses,” says Egghead.com senior VP and CFO Mark Shepherd.
Last year, Egghead.com sold nearly half of its interest in Onsale Japan to Indigo Corp. for a 100 percent profit.
Egghead.com, best known for selling computer hardware and software, consumer electronics and office products online, has expanded its offerings in the last year and a half to selling sporting goods and vacation packages to bargains on excess and closeout goods and services.