Online retailer Buy.com narrowed its loss in the third quarter as its revenue plunged, the company reported Wednesday. Aliso Viejo, Calif.-based Buy.com lost $10.3 million, or 8 cents per share, on $75.5 million in revenue in the third quarter. Last year, the company posted a net loss of $30.5 million, or 23 cents per share, on $190.2 million in revenue.
Buy.com has seen its cash and marketable securities decline from $67.4 million at the end of last year to $5.4 million at the end of September. However, the company has a $9 million line of credit from founder Scott Blum, who agreed in August to buy the company for 17 cents per share; Buy.com expects the deal, which still requires shareholder approval, to close by the end of this month. The company stock, which was delisted from the Nasdaq national market in August and currently trades on the over-the-counter market, was unchanged in midday trading at 16.4 cents per share.