General Merchandise Direct Seller/cataloger Popular Club has been acquired by an unnamed New York-based hedge fund that also owns and operates gadgets direct marketer Ronco.
Popular Club has been in business for more than 60 years. Once the parent company of J. Crew, it was sold to Fingerhut in 1998; DMSI acquired it in 2007. A subsidiary of Swiss Colony purchased DMSI’s assets — excluding Popular — for $15.5 million on Aug. 5.
“The business has been neglected for the past few years, but with professional systems and management, and the inclusion of a strong overseas capability, the business can be scaled quickly and profitably,” said Popular Club incoming chairman and interim CEO Larry Nusbaum in a statement.