Internet Retailer: SmartBargains seeks up to $80.5 million in IPO to finance growth
The SmartBargains IPO announced two days ago now has a number stuck to it: $80.5 million is the maximum amount suggested to be raised by the offering. The discount e-tailer pointed in its financial filings to underserved markets in kids, home and apparel categories. It also said it hopes to create branded departments on its site with partner manufacturers and expand a drop shipment program it started earlier in the year.
In separate SmartBargains news, it announced larger losses in the quarter ending May 1, with the red ink swallowing up $1.7 million on increased revenues of $22 million. Revenues were up 16 percent over last year.
