Fry's scraps Egghead buy
Electronics retailer Fry's Electronics has cancelled its $10 million deal to acquire online retailer Egghead.com, according to a report. San Jose, Calif.-based Fry's last week exercised its right to pull back from the agreement, the Associated Press reported, which was reached in August after Menlo Park, Calif.-based Egghead filed for Chapter 11 bankruptcy protection. Egghead alleges that Fry's secretly decided to call off the deal just before Labor Day when it decided to acquire Egghead's competitor Cyberian Outpost for $7.9 million, or 25 cents a share, according to the report.
Electronics retailer Fry's Electronics has cancelled its $10 million deal to acquire online retailer Egghead.com, according to a report. San Jose, Calif.-based Fry's last week exercised its right to pull back from the agreement, the Associated Press reported, which was reached in August after Menlo Park, Calif.-based Egghead filed for Chapter 11 bankruptcy protection. Egghead alleges that Fry's secretly decided to call off the deal just before Labor Day when it decided to acquire Egghead's competitor Cyberian Outpost for $7.9 million, or 25 cents a share, according to the report.