NuMarkets LLC announced it has reached a definitive agreement with Smart Hot Buys, which will purchase NuMarkets' assets. The new entity, called NuMarkets Corp., will provide eBay consignment services and asset liquidation and reverse logistics offerings.

NuMarkets LLC had closed its eBay drop-off stores last year, and some consignors had filed complaints with the Etowah, Tennessee police and Better Business Bureau. The company's founder Russ Grove said recent news reports had been fueled by two complaints, and that all outstanding complaints have been remedied or will be remedied by the end of the week. Money from the sale of NuMarkets LLC assets will also be used to pay creditors, Grove said. "We have to satisfy those liabilities," Grove said. "It will take us some time."

Anil "Sonny" Anand operates Smart Hot Buys, which sells on eBay under the User ID smarthotbuys, a registered eBay Trading Assistant and Trading Post. Anand has a number of businesses ranging from hotel property management to cotton exporting, according to the website anandglobal.com.

Grove said Smart Hot Buys and NuMarkets are coming together under the new NuMarkets Corp. entity. He anticipates using the eBay User ID NuMarkets and said it was 20 times bigger a seller on eBay with a longer history than SmartHotBuys.

However, Grove said NuMarkets Corp. will sell on multiple channels, including eBay, eBay Express, Yahoo, Amazon, uBid and Overstock.com as well as its own direct ecommerce site at www.shbuys.com, which should go live in about 30 days. (Smart Hot Buys currently sells directly on Overstock.com.)

According to a press release, NuMarkets Corp will be headquartered in a 50,000 square-foot operations and fulfillment center in Chattanooga, Tennessee, and will focus on working with manufacturers, retailers and businesses to help them process, sell and ship new, excess and consigned inventory to the global marketplace. Over time, NuMarkets Corp will launch infrastructure with smaller regional collection and selling centers similar to first-generation eBay drop-off stores, but with a blended offering of consigned and purchased inventory. The first pilot center is expected to open in Knoxville TN in mid-February.

Grove said he is doing consulting for NuMarkets Corp., using his background in reverse logistics and operations to help the new company as well as resolving issues with NuMarkets LLC. The company is set to announce a global product-sourcing agreement that will allow it to sell new items sourced directly from factories in China.

"The last four to five months, like Marine boot camp, have been difficult," Grove said. "I'm optimistic that the next generation of drop-off model will bring results."