October 26, 2011 |
Alphabuyer Inc., a year-old Paoli e-commerce company that enlists customers for "group buying for your bills," probably could have picked something a little sexier to start with than the humble electric bill. But since launching last year with discount offers for Peco Energy Co. electricity customers, the group-buying service has expanded into three other states, including New Jersey, and other commodities, such as natural gas. Cofounder Kevin Johnson imagines that eventually every savvy, penny-pinching customer will go through Alphabuyer to join groups to buy products and services ranging from discounted Internet and cellphone service to gasoline, heating oil, or antivirus-software subscriptions.
September 11, 2011 |
In this punk U.S. economy, familiar places keep vanishing. Our neighborhood Borders , one of my cable-TV-deprived kids' favorite hangouts, shuts this week. The old Circuit City across the road, where we got our first mobile phones and our first factory-boxed PC, is empty again, after another electronics chain found that it couldn't make money there, either. Let 'em go, said Michael G. Rubin , who last spring sold the online-retail contractor and warehouse company he built and ran, King of Prussia-based GSI Commerce Inc., to eBay Inc. for $2.5 billion.
June 14, 2011
In the Region Saul Ewing to merge with Boston firm Saul Ewing L.L.P. , of Center City, said it planned to merge with the Boston real estate and business law firm Dionne & Gass L.L.P. , effective July 1. The merger will bring seven new lawyers to Saul Ewing, five as partners, one as special counsel, and another as an associate, and expand Saul Ewing's East Coast presence with its first office in Boston. The combined law firm will retain the Saul Ewing name and have 235 lawyers.
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 5, 2011 |
For the second time in a decade, Michael G. Rubin is selling the business he heads - and keeping some of it, too. Online-auction manager eBay has big plans for its latest proposed Philadelphia-area acquisition, GSI Commerce , which employs approximately 1,000 workers at its King of Prussia headquarters and thousands more at warehouses across North America. But Rubin isn't just selling his company, the publicly traded GSI. He's also buying back the parts he wants, with eBay's blessing, plus eBay financing for further expansion.
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.
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.
November 30, 2010 |
From her headquarters office at online retail operator GSI Commerce Inc. , Fiona Dias can see the paved parking that makes possible the King of Prussia shopping complex. "The mall was packed Black Friday," said Dias, "but I didn't see tons of shopping bags. " The National Retail Federation , in a survey of 4,300 Americans, said the number of people shopping online has grown by a third so far this Christmas-shopping season compared with last year. Actual online sales were up a more modest 9 percent, estimated analyst Marianne R. Wolk , who covers Amazon.