Wednesday, May 28, 2008

Provide Commerce Buys Red Envelope

San Diego-based Provide Commerce said late Tuesday that it has acquired San Francisco-based Red Envelope, an online gift retailer. Financial terms of the acquisition were not disclosed. Provide Commerce, which runs the ProFlowers, Secret Spoon, Cherry Moon Farms, and Shari's Berries online retail sites, said that it acquired the assets of Red Envelope following a bankruptcy auction yesterday. Provide Commerce will assume full ownership of Red Envelope on June 23rd.