Bidz.com (BIDZ) Acquires $23.9 Million Lot of Finished Jewelry from Bankruptcy Auction
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Bidz.com (NASDAQ: BIDZ) announced that it was the winning bidder of a large lot of finished jewelry in the bankruptcy auction of LID Ltd., one of the world's largest manufacturers of diamond jewelry. Bidz paid nearly $24 million, significantly below cost, to acquire the lot of high quality diamond and gemstone jewelry. The company expects to sell the newly acquired inventory primarily through online auctions as well as B2B (wholesale) transactions.
The company is in the process of receiving, photographing, and describing the inventory and expects to begin to auction the jewelry on its website by early June. With the company's fiscal quarter ending on June 30, 2008, the majority of the acquired inventory is expected to remain on the company's balance sheet at the end of the second quarter of 2008, and some will likely be held for the important holiday season.
Bidz.com, founded in 1998, is an online auctioneer of jewelry. Bidz offers its products through a live auction format.
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