uBid.com Closing Bidville.com Auction
Published May 28th, 2008
CHICAGO – uBid.com Holdings Inc., the leading asset recovery solutions company for the world’s most trusted brands, today announced the decision to close its consumer-to-consumer auction website Bidville.com due to uBid.com Holdings’ recent strategic change to focus on liquidating excess inventories. Bidville.com’s consumer-to-consumer model does not fit within uBid.com Holdings’ recently streamlined strategy to provide comprehensive asset recovery solutions to its brand-name partners through a multi-channel sales model.
“We recently introduced a new, more focused business strategy,” said uBid.com Holdings CEO Jeff Hoffman. “uBid.com Holdings is now a multi-channel asset recovery solutions provider. Clearly, our expertise is in a business-to-consumer marketplace dealing only in certified supply. We are simply not equipped to run a C-to-C marketplace like Bidville.com.”
Guests may still register for the Bidville.com website via the “Register Now” button, which will remain active and allow users to bid in open auctions until June 13, 2008, when existing auctions must close. No new auctions may be listed as of May 27th and existing sellers have until June 27th to complete transactions. Prorated refunds will be available to sellers who provide their username, email address, and amount due in an email to refunds@bidville.com.
“We certainly appreciate everything the Bidville community has contributed. And, of course, if current B-to-C Bidville sellers fit our excess inventory solutions model, we hope they will find uBid.com a viable alternative,” concluded Hoffman.
To become a uBid seller please visit http://www.ubid.com/sell
The closing of the Bidville site will have no material financial impact on uBid.com Holdings in the second quarter 2008. uBid.com Holdings, Inc. previously fully amortized the Bidville asset in the first quarter of 2008.
For more information please visit http://www.ubid.com.
About uBid.com Holdings, Inc.
uBid Holdings, Inc. is the world’s leading excess inventory solutions company that links brand name sellers with customers around the globe. uBid Holdings, Inc. does this through its multi-channel asset-recovery solution that includes an online auction platform located at http://www.ubid.com, physical facilities liquidation and a business-to-business selling platform. Brand name sellers are able to reduce excess inventory more efficiently and profitably than ever before. And however they choose to buy, shoppers now have an inside connection to the world’s most trusted brands at prices far below retail. With more than 10 years experience in online commerce, uBid Holdings, Inc. is headquartered in Chicago, IL. uBid.com Holdings, Inc. is publicly-traded on the NASD OTC bulletin board (UBHI).
