Online clothing retailer Bluefly got a little wind behind its wings today.
Shares in Bluefly shot up from 74 cents to 90 cents, or 21 percent, after investors agreed to purchase $50 million of newly issued common stock in the company.
Private funds associated with Maverick Capital and another source in connection with Prentice Capital Management agreed to invest in the publicly traded company.
Under the deal, private funds associated with Soros Fund Management, Bluefly's largest stockholder, agreed to convert their preferred stock into common stock. Bluefly will keep $25 million in the financial arrangement that will allow it to grow its business. The remaining $25 million will be used to repay debt to the Soros funds and other obligations.
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