(RTTNews) - Beyond, Inc. (BYON), an online retailer, said on Tuesday that it has inked a deal to sell its Zulily brand to Lyons Trading Company, the operator of online off-price retailer Proozy.com.
With this, Beyond will receive $5 million while maintaining a 25 percent stake in the brand.
Alex Thomas, Chief Operating Officer of Beyond, said: "This sale reflects our commitment to resource optimization, our mandate to delivering profits for our home and family-centric brands, and a focus on our largest growth opportunities as a company."
The seller added that the sale of 75 percent of the brand at around $6.7 million valuation allows the company to achieve a return on investment and boost its core brands' path to profitability.
Further, Beyond noted that it expects the impact of the sale to be immaterial to its annual adjusted earnings.
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