Private investment firm Clearlake Capital Group announced the completion of its purchase and recapitalization of online retailer Bluefly. No financial details were disclosed. As part of the deal, former officers of Buy.com were appointed to various positions in the newly-acquired company. Buy.com, another online retailer, was earlier bought by Clearlake. Neel Grover became the new CEO and Co-Chairman while Greg Giraurdi was named as the President and Director of Bluefly. Both Grover and Giraurdi also serve as Operating Advisors of Clearlake.

The company also purchased Swiss Watch International, making Bluefly its third acquisition in the eCommerce space.

CEO Neel Grover said that the Clearlake sponsorship will revive the online retailer. "Bluefly is a pioneer in the fashion e-commerce space and will greatly benefit from a fresh strategy and renewed sponsorship from Clearlake. With four million customers and 35 million unique visitors, the company has a great foundation. We plan to enhance the customer experience at both Bluefly and Bell & Clive as we continue to expand product selection by building a leading marketplace for designer and contemporary apparel and accessories," he said in a press release.