HSN now standalone as IAC breakup done
-- Home Textiles Today, 8/22/2008 1:22:00 PM
St. Petersburg, Fla. – Direct-to-consumer retailer HSN today became an independent, publicly traded company as parent firm IAC completed its transition to five separate spinoffs.
The new company, trading via symbol HSNi on Nasdaq, includes both the HSN.com and Home Shopping Network TV assets, as well as mail order catalog-based Cornerstone Brands, made up of Ballard Design, Frontgate, Garnet Hill, Improvements, Smith & Noble, The Territory Ahead, and Travelsmith.
"HSNi comprises some of the most dynamic brands and experiences in retailing today," said Mindy Grossman, ceo of HSNi. "As an independent company, we'll be able to more fully convey HSNi's points of differentiation, which we believe will result in a more accurate valuation of our Company and greater value for our shareholders."
The two former divisions of IAC had combined 2007 home textiles retail sales of $243 million, which would place them at No.20 in the HTT Top 50 Retailing Giants.
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