AbleAuctions, which acquired London-based iCollector in September 2001, said it has moved the bulk of iCollector's operations to its more economical North American offices. The Company also terminated 20 iCollector positions as part of the restructuring process. The companies conduct live auctions and simultaneously broadcast them over the Internet. iCollector works with auctioneers in the antiques and collectibles marketplace, and began working with eBay Live Auctions in January 2001.
AbleAuctions said it has retained the services, experience and expertise of key senior management staff and retains a presence in New York and London, thus maintaining iCollector's market position in the sector. "Continuing iCollector's proven track record of managing over 220 sales through eBay's Live Auctions during 2001 combined with the very real major reduction in operating overheads mean that we expect to reach a break even situation imminently," said Mark Hill, Director of Live Auctions & Auction House Services for iCollector. "We do anticipate some disruption in business afforded by the quiet auction season in January, but with our ongoing relationship with eBay and our auction house clients this should be short-lived and we expect to exceed this figure comfortably during 2002," continued Hill.
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