PoshTots.com co-founder buys back her business
Edmunds reclaims her site
-- Kids Today, 4/6/2009 2:53:00 PM
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Edmunds buys back her biz |
Richmond, Va.—Andrea Edmunds, co-founder of children’s luxury brand and ecommerce retailer, PoshTots bought her business back in a bankruptcy auction in February for $735,000. The business includes PoshLiving.com and PoshCravings.com.
Edmunds and her partners started the online store in 2000 and the site quickly earned a reputation as a “style star and the designer of choice for Hollywood moms and creative parents.”
PoshTots was purchased by Florida-based BabyUniverse in 2006 and Edmunds remained as PoshTots’ president. In 2007, BabyUniverse merged with EToys, forming The Parent Company. Though PoshTots continued to prosper under its parent company, some of its sister sites began to struggle and The Parent Company filed for bankruptcy in December.
Edmunds worked with a private, local bank, First Market Bank to secure funds for the purchase. The lender was aware of Edmunds’ history with the company and of the company’s profitability history. The purchase price of $735,000 was also dramatically down from the $12 million price tag a few years ago.
Interior designer Pam O’Hallaron, one of the early members of the PoshTots team, has rejoined the 19-member staff as lead designer and partner. Edmunds and O’Hallaron are focused on maintaining the long-standing relationships with their artisans and vendors and reaching out to new designers and manufacturers just entering the industry.
The PoshTots Web site will be updated with a new look and features; PoshLiving will be redesigned and include the addition of several new vendors and PoshCravings, the company’s content venture, will also get a new look and fresh content.
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