Investors eager to dump Wine.com, sources say
The New York-based private equity firm Baker Capital is selling off online wine retailer Wine.com, say several sources familiar with the matter.
According to its website, Wine.com is majority owned by Baker Capital, a firm that claims to have $1.5 billion under management.
Wine.com soaked up close to $75 million in venture funding in a decade, but it has struggled to make money over the years, given the high marketing and shipping costs of selling wine online.
The news was first reported Monday by Growth Capitalist reporter Teri Buhl. Unnamed sources told Buhl that the company has failed to receive any offers and that Credit Suisse would handle the sale. Buhl also reported that bankers have little more to sell than a domain name.