November 27, 2001 3:50 PM PST
Blum buys back Buy.com
Buy.com, which never posted a profitable quarter as a public company, has seen its revenue and cash plunge in recent quarters. Blum, who resigned as chairman and chief executive of Buy.com in 1999, immediately before the company filed for an initial public offering, agreed to buy the company in August and provided it with a $9 million line of credit. Earlier this year, Buy.com laid off 40 percent of its staff and saw the resignation of its chief executive, chief financial officer and two board members.