March 29, 2011 |
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.
May 9, 2011 |
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.
April 20, 2016 |
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.
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.
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.
October 3, 2014 |
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.
May 23, 2015 |
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.
January 25, 2008 |
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.
May 27, 2004 |
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.
May 11, 2014 |
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.