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Gsi Commerce

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NEWS
March 29, 2011 | By Jane M. Von Bergen, Inquirer Staff Writer
Michael Rubin's mom didn't like the idea of her 12-year-old son starting a ski shop, so he did what most savvy kids do - played his parents against each other. "I went to my father, who said he would be supportive as long as I did well in school," Rubin said in a 2008 interview. Wonder what the family is thinking now that Rubin, 37, a Villanova University dropout, stands to earn a cool $126.1 million when eBay Inc. closes its $2.4 billion deal for GSI Commerce Inc. That's the King of Prussia company Rubin grew from his ski-store business.
NEWS
May 9, 2011 | ASSOCIATED PRESS
King of Prussia-based GSI Commerce Inc., which runs websites for retailers such as Toys R Us and Bath & Body Works, said Monday that the 40-day period in which it could seek third-party offers to eBay Inc.'s $2.4 billion bid has ended. EBay, which runs its namesake site where users buy and sell items through auctions and fixed-price "Buy it Now" formats as well as online payments service PayPal, announced its acquisition offer in March. GSI said it did not receive any alternative proposals before the "go-shop" period ended on Friday.
BUSINESS
April 20, 2016 | By Joseph N. DiStefano, Staff Writer
After five years as eBay Enterprise, the $1 billion-in-annual-sales, King of Prussia-based, 7,500-worker retail-logistics company founded as GSI Commerce is back as an independent firm with a new name, Radial. "We were the smallest business unit in a big public company. Now, commerce technology and commerce operations is the only thing we do," Radial chief executive Tobias Hartmann said before Tuesday's planned unveiling of the new name at the company's headquarters. Hartmann said that the firm has grown beyond taking clients' customer orders and shipping products from its warehouses in Southern states, Canada, and Europe.
NEWS
May 12, 2010
GSI Commerce Inc., King of Prussia, said Wednesday it acquired VendorNet, a Boynton Beach, Fla., provider of software to manage e-commerce supply-chain solutions, such as inventory management. VendorNet's clients include the Franklin Mint, Neiman Marcus, David's Bridal, Spiegel, Nine West and Lands' End. The purchase price was not disclosed, but privately held VendorNet has 32 employees, a GSI Commerce spokeswoman said. GSI operates websites for retailers, manufacturers and other companies.
NEWS
March 15, 2011
GSI Commerce Inc., King of Prussia, said it authorized a repurchase of up to $50 million of its outstanding shares over the next two years. The buyback extends through March 14, 2013, and was contingent on the completion of GSI's acquisition of Fanatics Inc. That deal - with terms that were not disclosed - has closed, GSI said. Fanatics operates more than 250 e-commerce websites. GSI also said it has closed a $400 million credit agreement. The five-year agreement replaces a $150 million revolving credit facility and includes a $285 million revolving line of credit and a $115 million term loan.
NEWS
October 3, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
A former eBay executive was sentenced Wednesday to 15 months in federal prison for insider trading tied to the Internet auction site's 2011 acquisition of a King of Prussia-based e-commerce firm. Christopher Saridakis, 45, of Wilmington, pleaded guilty in May, admitting he tipped off friends and relatives to a pending $2.4 billion deal between San Jose, Calif.-based eBay and GSI Commerce, where he worked as a marketing director. Saridakis was named a senior vice president at eBay after GSI's purchase.
BUSINESS
May 23, 2015 | By Jane M. Von Bergen, Inquirer Staff Writer
Nearly a year ago, Rick Forman, chief executive of Forman Mills, was hunched over a toilet in his West Philadelphia store, wiping the bowl and trying to stay focused long enough to clean the bathroom without touching his mouth and jamming the mop handle into the wall. No one at the store knew that the inept janitor they called Brad Bandini was actually the owner of the company. They thought they were being filmed for a reality TV show, but had no idea the show was Undercover Boss on CBS-TV.
BUSINESS
January 25, 2008 | INQUIRER STAFF
Web retailer GSI Commerce Inc. said yesterday that it had acquired a Massachusetts firm in a $157 million deal that gives the King of Prussia company a foothold in e-mail-based marketing. The acquired company, privately held e-Dialog Inc., of Lexington, Mass., had revenue of about $34 million for the 12 months ended Sept. 30. GSI said yesterday that it expected its own 2007 revenue to be in the range of $748 million to $750 million. "The acquisition will significantly expand the breadth and depth of GSI's interactive-marketing-services capabilities," GSI said in a statement.
BUSINESS
May 27, 2004 | By Henry J. Holcomb INQUIRER STAFF WRITER
GSI Commerce Inc., a provider of Internet marketing services to apparel firms, hardware stores, sports teams and sporting-goods concerns, said it had bought a four-story King of Prussia building that would be its corporate headquarters. The 104,000-square-foot structure, purchased for $17 million, at 935 First Ave., will house 400 GSI employees, including executive, financial, engineering, technical, creative design, marketing and sales personnel. It will be nearly double the size of the headquarters it replaces at 1075 First Ave. "We have people piled up on top of each other now," said Greg Ryan, GSI corporate communications director.
NEWS
May 11, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
A former eBay executive faces up to 20 years in prison and $5 million in fines after pleading guilty Friday to insider-trading violations tied to the auction website's 2011 acquisition of a King of Prussia-based e-commerce firm. Christopher Saridakis, 45, of Greenville, Del., then head of marketing solutions at GSI Commerce, tipped off two friends and two relatives to the pending $2.4 billion deal and urged them to buy stock in advance of the sale. When the acquisition was announced in June 2011, GSI's stock price jumped more than 50 percent, leading to more than $300,000 in illegal profits for the traders.
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BUSINESS
April 20, 2016 | By Joseph N. DiStefano, Staff Writer
After five years as eBay Enterprise, the $1 billion-in-annual-sales, King of Prussia-based, 7,500-worker retail-logistics company founded as GSI Commerce is back as an independent firm with a new name, Radial. "We were the smallest business unit in a big public company. Now, commerce technology and commerce operations is the only thing we do," Radial chief executive Tobias Hartmann said before Tuesday's planned unveiling of the new name at the company's headquarters. Hartmann said that the firm has grown beyond taking clients' customer orders and shipping products from its warehouses in Southern states, Canada, and Europe.
BUSINESS
November 9, 2015
Business is like sports, says Michael Rubin, a co-owner of the NBA's Philadelphia 76ers and the NHL's New Jersey Devils : Losing hurts. But with the right team and strategy, pain moves you toward a championship. That knowledge gets you moving faster. And timely trades can move you closer. Rubin says he was getting bored and anxious about the biggest business units in his too-sprawling e-commerce company, GSI Commerce, when eBay offered to take the publicly traded King of Prussia-based firm off his hands for $2.4 billion in 2011; eBay also let him buy back the pieces he wanted, like the pro- and college-sports gear online seller Fanatics , for $500 million.
BUSINESS
May 23, 2015 | By Jane M. Von Bergen, Inquirer Staff Writer
Nearly a year ago, Rick Forman, chief executive of Forman Mills, was hunched over a toilet in his West Philadelphia store, wiping the bowl and trying to stay focused long enough to clean the bathroom without touching his mouth and jamming the mop handle into the wall. No one at the store knew that the inept janitor they called Brad Bandini was actually the owner of the company. They thought they were being filmed for a reality TV show, but had no idea the show was Undercover Boss on CBS-TV.
NEWS
October 3, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
A former eBay executive was sentenced Wednesday to 15 months in federal prison for insider trading tied to the Internet auction site's 2011 acquisition of a King of Prussia-based e-commerce firm. Christopher Saridakis, 45, of Wilmington, pleaded guilty in May, admitting he tipped off friends and relatives to a pending $2.4 billion deal between San Jose, Calif.-based eBay and GSI Commerce, where he worked as a marketing director. Saridakis was named a senior vice president at eBay after GSI's purchase.
NEWS
October 3, 2014 | BY JULIE SHAW, Daily News Staff Writer shawj@phillynews.com, 215-854-2592
A FEDERAL JUDGE struggled yesterday with what sentence to give Christopher Saridakis - a former eBay and Gannett executive - who pleaded guilty to insider trading. On the one hand, Saridakis, 46, "a bright guy who's hugely successful in business," is - aside from his one conviction - a law-abiding citizen, U.S. District Judge Stewart Dalzell noted. On the other hand, the judge said he had to hand down a sentence that would deter others from insider trading and he had to avoid sentencing disparities.
NEWS
May 11, 2014 | By Jeremy Roebuck, Inquirer Staff Writer
A former eBay executive faces up to 20 years in prison and $5 million in fines after pleading guilty Friday to insider-trading violations tied to the auction website's 2011 acquisition of a King of Prussia-based e-commerce firm. Christopher Saridakis, 45, of Greenville, Del., then head of marketing solutions at GSI Commerce, tipped off two friends and two relatives to the pending $2.4 billion deal and urged them to buy stock in advance of the sale. When the acquisition was announced in June 2011, GSI's stock price jumped more than 50 percent, leading to more than $300,000 in illegal profits for the traders.
BUSINESS
January 25, 2013
In the Region Philadelphia lawyers stay put   Drinker Biddle & Reath L.L.P. said it agreed to extend its lease at One Logan Square through 2029. As part of the agreement, the law firm will reduce the size of its offices from 206,000 square feet to 155,000 square feet. The firm anticipates that the number of employees there will remain about the same. It has 456 employees at One Logan, including 205 lawyers. - Chris Mondics   Deal to ship ethane via Marcus Hook   A European petrochemical producer entered into a 15-year agreement to ship Marcellus Shale ethane to Norway from a Sunoco Logistics terminal in Marcus Hook.
BUSINESS
April 26, 2012 | Joe DiStefano
Harleysville Group Inc. shareholders voted to accept $60 a share to sell the company to Nationwide Mutual Insurance Co., chief executive Michael L. Browne said in a statement Wednesday. That price is a lot fatter than the stock's previous high, in the mid-$30s. Half a dozen policyholders, who sued to change the terms, say some cash should go to the company's nominal owners, policyholders of affiliated Harleysville Mutual Insurance Co., as happened in previous mutual sales like Nationwide's purchase of the former Provident Mutual Life Insurance Co., Berwyn, 10 years ago (also after a court fight)
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