By Pia Heikkila, 14 August 2001 10:50
NEWS The founder of struggling US e-tailer Buy.com has announced he will buy the ailing company back from its shareholders. Scott Blum plans to buy back all outstanding shares of the online store, said to be worth $23m. He still owns 37 per cent of the company, but will pay 17 cents a share in cash to the shareholders - a total bill of $15m. Buy.com will today be de-listed from Nasdaq, after the company made a loss of $133m last year. The company is also facing a lawsuit from its shareholders on unfair commission being paid to the executives, according to the Financial Times. Buy.com's UK operations were bought by retailer John Lewis in February this year.
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