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Clearlake Pays $13M For Bluefly In Fire-Sale Deal

Law360, New York (May 24, 2013, 5:13 PM EDT) -- Los Angeles private equity firm Clearlake Capital Group LP has scooped up online retailer Bluefly Inc. — an early e-commerce player that was valued at around $79 million in 2011 — for about $13 million, according to Friday regulatory filings.

Per the deal, a Clearlake affiliate has bought more than a 90 percent stake in Bluefly by snatching up 89 percent of the common stock for less than a penny a share and 2.85 million newly issued shares for about 10 cents a share, as well as providing more than $12 million to cover certain immediate debts, according to a filing...

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