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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>_______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PURSUANT TO SECTION
13 OR 15(d) OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Date of report (Date of earliest event
reported): May 23, 2013</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>BLUEFLY, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-bottom: 0; text-align: center">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Delaware</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>001-14498</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; padding-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>13-3612110</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of incorporation)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Commission file</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">number)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Identification No.)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 59%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 5%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-bottom: 0">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: center; padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>42 West 39<SUP>th</SUP> Street, New York, New York</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: windowtext 1pt solid; text-align: center; padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10018</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-bottom: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive
offices)</P></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 0"></TD>
    <TD STYLE="vertical-align: top; padding-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code:<B> <U>(212)&nbsp;944-8000</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>N/A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<HR STYLE="color: Black; width: 30%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
since last report.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&nbsp;8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 3%; padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT></TD>
    <TD STYLE="width: 97%; padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT></TD>
    <TD STYLE="padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT></TD>
    <TD STYLE="padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT STYLE="font-family: Wingdings">&#168;</FONT></B></FONT></TD>
    <TD STYLE="padding-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 1.01</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Entry into a Material Definitive Agreement</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 23, 2013 (the &ldquo;<U>Closing Date</U>&rdquo;),
Runway Acquisition Sub, Inc. (the &ldquo;<U>Purchaser</U>&rdquo;), an affiliate of Clearlake Capital Group, purchased from entities
affiliated with the four principal stockholders (the &ldquo;<U>Principal Stockholders</U>&rdquo;) of Bluefly, Inc. (&ldquo;<U>Bluefly</U>&rdquo;):
Rho Ventures VI, LP (&ldquo;<U>Rho</U>&rdquo;); Quantum Industrial Partners LDC; Maverick Fund USA, Ltd., Maverick Fund, L.D.C.,
and Maverick Fund II, Ltd.; and Prentice Consumer Partners, LP (&ldquo;<U>Prentice</U>&rdquo;) all of the shares of Bluefly&rsquo;s
common stock, $0.01 par value, owned by the Principal Stockholders, which represented approximately 89% of the outstanding shares
of Bluefly&rsquo;s common stock, for a purchase price of $0.0076 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On the same day, Bluefly entered into a
Stock Purchase Agreement (the &ldquo;<U>Purchase Agreement</U>&rdquo;) with the Purchaser. The Purchase Agreement provided, among
other things, for the sale by Bluefly of 2,850,000 newly issued shares of Bluefly&rsquo;s common stock (the &ldquo;<U>Purchased
Shares</U>&rdquo;) to the Purchaser. The acquisition of the Purchased Shares, together with the acquisition of the shares from
the Principal Stockholders, resulted in the ownership by the Purchaser of an amount of shares in excess of 90% of the then outstanding
shares of Bluefly&rsquo;s common stock. In accordance with the terms of the Purchase Agreement, the Purchaser consummated a &ldquo;short
form&rdquo; merger (the &ldquo;<U>Merger</U>&rdquo;) on May 23, 2012 (the &ldquo;<U>Effective Time</U>&rdquo;), pursuant to Section
253 of the Delaware General Corporation Law (the &ldquo;<U>DGCL</U>&rdquo;), under which the Merger was consummated without a vote
or meeting of Bluefly&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the Effective Time, the Purchaser merged
with and into Bluefly, with Bluefly surviving. As a result of the Merger, each issued and outstanding share of Bluefly&rsquo;s
common stock (other than shares of common stock owned by the Purchaser or by Clear Mode, LLC, an affiliate of Clearlake and the
sole stockholder of the Purchaser (&ldquo;<U>Clear Mode</U>&rdquo;), shares of common stock held by Bluefly as non-voting treasury
shares, and shares of Bluefly&rsquo;s common stock for which the holder thereof demands and perfects such holder&rsquo;s right
to an appraisal (the &ldquo;<U>Dissenting Shares</U>&rdquo;) in accordance with the applicable provisions of the DGCL) were converted
into the right to receive $0.10 in cash per share, without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Bluefly utilized amounts contributed to
it under the Purchase Agreement to, among other things, (a) pay off amounts owed under the revolving credit facility with Salus
Capital, LLC (&ldquo;<U>Salus</U>&rdquo;), (b) pay off promissory notes held by Rho and Prentice, each in the principal amount
of $1.5 million, plus accrued interest, and (c) for other general corporate purposes. Habib Kairouz, who was designated by Rho
to serve on Bluefly&rsquo;s Board of Directors (the &ldquo;<U>Board</U>&rdquo;), is a Managing Partner of Rho. Mario Ciampi, who
was designated by Prentice to serve on the Board, is an employee of Prentice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Purchase Agreement provides for the
indemnification of members of the Board and officers of Bluefly to the fullest extent permitted by law in accordance with Bluefly&rsquo;s
certificate of incorporation and by-laws as in effect on the date of the Purchase Agreement and in accordance with indemnity agreements
in effect between Bluefly and each of its current directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Purchase Agreement was unanimously
approved by the Board based, in part, upon the unanimous recommendation of a special committee of the Board (the &ldquo;<U>Special
Committee</U>&rdquo;), consisting solely of independent directors of the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the Purchase
Agreement and related transactions does not purport to be complete and is qualified in its entirety by reference to the full text
of the Purchase Agreement, a copy of which is filed as Exhibit 2.1 to this report and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 1.02</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Termination of a Material Definitive Agreement.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the execution of
the Purchase Agreement, on the Closing Date, Bluefly repaid all amounts owed under each of (a) its Credit Agreement, dated
November 13, 2012, by and among Bluefly, EVT Acquisition Co., LLC and Salus, (b) its Secured Subordinated Convertible Promissory
Note, dated August 13, 2012 and amended as of November 13, 2012, between Bluefly and Rho, and (c) its Secured Subordinated
Promissory Note, dated August 13, 2012 and amended as of November 13, 2012, between Bluefly and Prentice, and terminated each
of those agreements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-size: 10pt"><B>Item 2.01</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-size: 10pt"><B>Completion of Acquisition or Disposition of Assets.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth under Item 1.01
is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 3.01</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the closing of the Merger,
Bluefly notified the NASDAQ Stock Market (&ldquo;<U>NASDAQ</U>&rdquo;) on May 23, 2013 that each outstanding share of Bluefly&rsquo;s
common stock (other than shares of Bluefly&rsquo;s common stock held by the Purchaser or Clear Mode, shares of Bluefly&rsquo;s
common stock held by the Company as non-voting treasury shares, and Dissenting Shares) was automatically converted, pursuant to
the Merger, into the right to receive $0.10 per share in cash, without interest. As a result of the Merger
and related transactions, NASDAQ filed with the Securities and Exchange Commission a Notification of Removal from Listing and/or
Registration Under Section 12(b) on Form 25 to delist and deregister Bluefly&rsquo;s common stock under Section 12(b) of the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 3.02</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Unregistered Sale of Equity Securities.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth under Item 1.01
is incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Bluefly offered and sold the Purchased Shares
in a private placement pursuant to an exemption from registration provided by Section&nbsp;4(2) of the Securities Act of 1933,
as amended, as a transaction by an issuer not involving a public offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 3.03</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Material Modification to Rights of Security Holders.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth in Items 1.01,
2.01, 3.01, 3.02 and 5.01 of this Current Report on Form 8-K is incorporated by reference into Item&nbsp;3.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At the Effective Time, each outstanding
share of Bluefly&rsquo;s common stock (other than shares of Bluefly&rsquo;s common stock held by the Purchaser or Clear Mode, shares
of Bluefly&rsquo;s common stock held by the Company as non-voting treasury shares, and Dissenting Shares) was converted into the
right to receive $0.10 per share in cash, without interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 5.01</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Changes in Control of Registrant.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth in Items 1.02,
2.01, 3.02, 3.03 and 5.02 of this Current Report on Form 8-K is incorporated by reference into Item&nbsp;5.01.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As a result of the purchase by the Purchaser
of the shares of Bluefly&rsquo;s common stock from the Principal Stockholders on May 23, 2013, a change of control of Bluefly occurred.
As a result of the Merger, Bluefly became a wholly-owned subsidiary of Clear Mode. The total amount of the consideration payable
in connection with the change of control transaction was approximately $505,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 5.02.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 68.25pt; text-indent: -68.25pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the Merger, and as contemplated
by the Purchase Agreement, all the directors of Bluefly prior to the Merger voluntarily resigned from the Board effective as of
the Effective Time. These resignations were not a result of any disagreements between Bluefly and the former directors on any matter
relating to Bluefly&rsquo;s operations, policies or practices. Pursuant to the terms of the Purchase Agreement, on May 23, 2013,
the directors of Purchaser immediately prior to the Effective Time became the directors of Bluefly following the Merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to an incentive arrangement previously
approved by the Special Committee in April 2013, upon recommendation of the Compensation Committee of the Board, Bluefly&rsquo;s
chief executive officer, Joseph Park, received a cash bonus of $26,500 in connection with the transactions contemplated by the
Purchase Agreement, representing 5% of the aggregate proceeds otherwise payable to Bluefly&rsquo;s stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Item 9.01.</B></FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Financial Statements and Exhibits.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">(d)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Exhibits</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit No.</FONT></TD>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase Agreement, dated as of May 23, 2013, between Bluefly, Inc. and Runway Acquisition Sub, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">BLUEFLY, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date: May 24, 2013</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="border-bottom: windowtext 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/ James Gallagher</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;James Gallagher</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit No.</FONT></TD>
    <TD STYLE="width: 86%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Description</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">2.1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Purchase Agreement, dated as of May 23, 2013, between Bluefly, Inc. and Runway Acquisition Sub, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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</HTML>
[{"type": "8-K", "sequence": "1", "filename": "k345936_8k.htm", "description": "FORM 8-K", "secsgml_size_bytes": 36583}]
{"company-data": {"conformed-name": "BLUEFLY INC", "cik": "0001030896", "assigned-sic": "5961", "irs-number": "133612110", "state-of-incorporation": "DE", "fiscal-year-end": "0403"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-14498", "film-number": "13870272"}, "business-address": {"street1": "42 WEST 39TH ST", "city": "NEW YORK", "state": "NY", "zip": "10018", "phone": "2129448000"}, "mail-address": {"street1": "42 WEST 39TH ST", "city": "NEW YORK", "state": "NY", "zip": "10018"}, "former-company": {"former-conformed-name": "PIVOT RULES INC", "date-changed": "19970305"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________
FORM 8-K
_______________
CURRENT REPORT
PURSUANT TO SECTION
13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event
reported): May 23, 2013
BLUEFLY, INC.
(Exact name of registrant as specified in
its charter)
Delaware
001-14498
13-3612110
(State or other jurisdiction
of incorporation)
(Commission file
number)
(I.R.S. Employer
Identification No.)
42 West 39
th
Street, New York, New York
10018
(Address of principal executive
offices)
(Zip Code)
Registrant's telephone number, including
area code:
(212) 944-8000
N/A
(Former name or former address, if changed
since last report.)
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement
On May 23, 2013 (the "
Closing Date
"),
Runway Acquisition Sub, Inc. (the "
Purchaser
"), an affiliate of Clearlake Capital Group, purchased from entities
affiliated with the four principal stockholders (the "
Principal Stockholders
") of Bluefly, Inc. ("
Bluefly
"):
Rho Ventures VI, LP ("
Rho
"); Quantum Industrial Partners LDC; Maverick Fund USA, Ltd., Maverick Fund, L.D.C.,
and Maverick Fund II, Ltd.; and Prentice Consumer Partners, LP ("
Prentice
") all of the shares of Bluefly's
common stock, $0.01 par value, owned by the Principal Stockholders, which represented approximately 89% of the outstanding shares
of Bluefly's common stock, for a purchase price of $0.0076 per share.
On the same day, Bluefly entered into a
Stock Purchase Agreement (the "
Purchase Agreement
") with the Purchaser. The Purchase Agreement provided, among
other things, for the sale by Bluefly of 2,850,000 newly issued shares of Bluefly's common stock (the "
Purchased
Shares
") to the Purchaser. The acquisition of the Purchased Shares, together with the acquisition of the shares from
the Principal Stockholders, resulted in the ownership by the Purchaser of an amount of shares in excess of 90% of the then outstanding
shares of Bluefly's common stock. In accordance with the terms of the Purchase Agreement, the Purchaser consummated a "short
form" merger (the "
Merger
") on May 23, 2012 (the "
Effective Time
"), pursuant to Section
253 of the Delaware General Corporation Law (the "
DGCL
"), under which the Merger was consummated without a vote
or meeting of Bluefly's stockholders.
At the Effective Time, the Purchaser merged
with and into Bluefly, with Bluefly surviving. As a result of the Merger, each issued and outstanding share of Bluefly's
common stock (other than shares of common stock owned by the Purchaser or by Clear Mode, LLC, an affiliate of Clearlake and the
sole stockholder of the Purchaser ("
Clear Mode
"), shares of common stock held by Bluefly as non-voting treasury
shares, and shares of Bluefly's common stock for which the holder thereof demands and perfects such holder's right
to an appraisal (the "
Dissenting Shares
") in accordance with the applicable provisions of the DGCL) were converted
into the right to receive $0.10 in cash per share, without interest.
Bluefly utilized amounts contributed to
it under the Purchase Agreement to, among other things, (a) pay off amounts owed under the revolving credit facility with Salus
Capital, LLC ("
Salus
"), (b) pay off promissory notes held by Rho and Prentice, each in the principal amount
of $1.5 million, plus accrued interest, and (c) for other general corporate purposes. Habib Kairouz, who was designated by Rho
to serve on Bluefly's Board of Directors (the "
Board
"), is a Managing Partner of Rho. Mario Ciampi, who
was designated by Prentice to serve on the Board, is an employee of Prentice.
The Purchase Agreement provides for the
indemnification of members of the Board and officers of Bluefly to the fullest extent permitted by law in accordance with Bluefly's
certificate of incorporation and by-laws as in effect on the date of the Purchase Agreement and in accordance with indemnity agreements
in effect between Bluefly and each of its current directors.
The Purchase Agreement was unanimously
approved by the Board based, in part, upon the unanimous recommendation of a special committee of the Board (the "
Special
Committee
"), consisting solely of independent directors of the Board.
The foregoing description of the Purchase
Agreement and related transactions does not purport to be complete and is qualified in its entirety by reference to the full text
of the Purchase Agreement, a copy of which is filed as Exhibit 2.1 to this report and is incorporated herein by reference.
Item 1.02
Termination of a Material Definitive Agreement.
In connection with the execution of
the Purchase Agreement, on the Closing Date, Bluefly repaid all amounts owed under each of (a) its Credit Agreement, dated
November 13, 2012, by and among Bluefly, EVT Acquisition Co., LLC and Salus, (b) its Secured Subordinated Convertible Promissory
Note, dated August 13, 2012 and amended as of November 13, 2012, between Bluefly and Rho, and (c) its Secured Subordinated
Promissory Note, dated August 13, 2012 and amended as of November 13, 2012, between Bluefly and Prentice, and terminated each
of those agreements.
Item 2.01
Completion of Acquisition or Disposition of Assets.
The information set forth under Item 1.01
is incorporated by reference herein.
Item 3.01
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
In connection with the closing of the Merger,
Bluefly notified the NASDAQ Stock Market ("
NASDAQ
") on May 23, 2013 that each outstanding share of Bluefly's
common stock (other than shares of Bluefly's common stock held by the Purchaser or Clear Mode, shares of Bluefly's
common stock held by the Company as non-voting treasury shares, and Dissenting Shares) was automatically converted, pursuant to
the Merger, into the right to receive $0.10 per share in cash, without interest. As a result of the Merger
and related transactions, NASDAQ filed with the Securities and Exchange Commission a Notification of Removal from Listing and/or
Registration Under Section 12(b) on Form 25 to delist and deregister Bluefly's common stock under Section 12(b) of the Securities
Exchange Act of 1934, as amended.
Item 3.02
Unregistered Sale of Equity Securities.
The information set forth under Item 1.01
is incorporated by reference herein.
Bluefly offered and sold the Purchased Shares
in a private placement pursuant to an exemption from registration provided by Section 4(2) of the Securities Act of 1933,
as amended, as a transaction by an issuer not involving a public offering.
Item 3.03
Material Modification to Rights of Security Holders.
The information set forth in Items 1.01,
2.01, 3.01, 3.02 and 5.01 of this Current Report on Form 8-K is incorporated by reference into Item 3.03.
At the Effective Time, each outstanding
share of Bluefly's common stock (other than shares of Bluefly's common stock held by the Purchaser or Clear Mode, shares
of Bluefly's common stock held by the Company as non-voting treasury shares, and Dissenting Shares) was converted into the
right to receive $0.10 per share in cash, without interest.
Item 5.01
Changes in Control of Registrant.
The information set forth in Items 1.02,
2.01, 3.02, 3.03 and 5.02 of this Current Report on Form 8-K is incorporated by reference into Item 5.01.
As a result of the purchase by the Purchaser
of the shares of Bluefly's common stock from the Principal Stockholders on May 23, 2013, a change of control of Bluefly occurred.
As a result of the Merger, Bluefly became a wholly-owned subsidiary of Clear Mode. The total amount of the consideration payable
in connection with the change of control transaction was approximately $505,000.
Item 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
In connection with the Merger, and as contemplated
by the Purchase Agreement, all the directors of Bluefly prior to the Merger voluntarily resigned from the Board effective as of
the Effective Time. These resignations were not a result of any disagreements between Bluefly and the former directors on any matter
relating to Bluefly's operations, policies or practices. Pursuant to the terms of the Purchase Agreement, on May 23, 2013,
the directors of Purchaser immediately prior to the Effective Time became the directors of Bluefly following the Merger.
Pursuant to an incentive arrangement previously
approved by the Special Committee in April 2013, upon recommendation of the Compensation Committee of the Board, Bluefly's
chief executive officer, Joseph Park, received a cash bonus of $26,500 in connection with the transactions contemplated by the
Purchase Agreement, representing 5% of the aggregate proceeds otherwise payable to Bluefly's stockholders.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
2.1
Purchase Agreement, dated as of May 23, 2013, between Bluefly, Inc. and Runway Acquisition Sub, Inc.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
BLUEFLY, INC.
(Registrant)
Date: May 24, 2013
By:
/s/ James Gallagher
Name:
James Gallagher
Title:
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
2.1
Purchase Agreement, dated as of May 23, 2013, between Bluefly, Inc. and Runway Acquisition Sub, Inc.