Clearlake Capital Buys Bluefly

Bluefly said Thursday that Clearlake Capital Group has bought about 89% of the retailer's outstanding shares directly from the company's principal shareholders. Clearlake also entered into an agreement with Bluefly under which it purchased additional shares, together with the stock acquired from Bluefly's principal stockholders, representing more than90% of outstanding shares. Clearlake is buying the outstanding shares through a short form merger at 10 cents a share. The private investment firm expects Bluefly's shares to cease trading on the NASDAQ before the open on March 24. Blue Fly, of New York City, is an online retailer.

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