New Berlin-based BuySeasons Inc. has been acquired by New York-based Rubie’s Costume Co. in a deal that closed June 30.
[caption id="attachment_131374" align="alignright" width="402"] BuySeasons corporate headquarters in New Berlin[/caption]
BizTimes reported last week the sale of the online costume retailer was “imminent” after a former employee sued over the ownership of software she developed before coming to BuySeasons.
Rubie’s announced the acquisition in a press release today, saying it would improve the company’s fulfillment operations.
“BuySeasons will now allow Rubie’s to offer the leading fulfillment operation to our wholesale customers,” said Howard Beige, Rubie’s executive vice president.
Founded in 1951, Rubie’s is a designer, manufacturer and distributor of costumes, accessories and holiday products with office in 15 countries. The lawsuit filed against BuySeasons last week described the firm as a “large manufacturer of retail inventory.”
The plaintiff, Audrey Wilby, said she was told by BuySeasons chief executive officer Rick Barton the acquiring company was interested in the sales forecasting tool she had developed along with her knowledge of it.
“Partnering with Rubie’s will allow BuySeasons to dramatically increase our product offering as well as enhance our worldwide sourcing abilities,” Barton said in a statement announcing the deal. “BuySeasons is very excited when we think about the synergistic benefits of this exciting combination as we look forward to enhancing our customer experience.”
Terms of the deal were not disclosed and BuySeasons has not responded to a request for comment on the lawsuit.
BuySeasons was founded in 1999 by Jalem Getz and sold to Liberty Interactive Corp. in 2006 and spun off into Liberty TripAdvisor Holdings in 2014.
The company had 158 employees at the end of 2016. It operates its headquarters and warehouse from a 470,000-square-foot leased facility in New Berlin. Revenues have fallen from $83 million in 2014 to $73 million in 2015 and $52 million last year as BuySeasons faced increased competition from online and brick-and-mortar retailers.