Bidz Posts $0.7 Million Loss

Online jewelry retailer Bidz reported a decline in sales, totaling $25.7 million in the second quarter, a 4.5 percent decline from the previous year. The retailer ended the quarter with a $653,000 loss, compared with a $693,000 profit a year ago.

The company reported a 25.2 percent decline in gross profit to $6.2 million while increasing operating expenses by 1.9 percent to $7.1 million.

In July, in a privately negotiated transaction, the company repurchased 2.2 million shares for $2.3 million from Marina Zinberg. The shares have subsequently been retired. Zinberg is the sister of Bidz CEO David Zinberg and a former employee of the company.