Bluefly said Monday it will receive $15 million from Rho Ventures, giving the troubled company more working capital with which to buy inventory and acquire customers.
The 10-year-old online purveyor of off-price goods has never turned a profit. In its most recent statement, filed in November for the quarter ended Sept. 30, the company had an accumulated deficit of $147 million and said it was working under a “streamlined” business plan intended to help Bluefly meet its expenses. The plan called for reductions in marketing, hiring and buying new inventory. The company said in the filing it believed it had enough cash and credit to continue operating for at least 12 months. However, the filing was not audited.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"