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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">UNITED
STATES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">&#160;SECURITIES
AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">WASHINGTON,
D.C.&#160;20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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        <hr style="COLOR: black" align="center" noshade size="2" width="15%">
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">FORM
8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
      <hr style="COLOR: black" align="center" noshade size="2" width="15%">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
REPORT</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;PURSUANT
TO SECTION 13 OR 15(d) OF</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">THE
SECURITIES EXCHANGE ACT OF 1934</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
of report (Date of earliest event reported): November 5, 2010</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">BLUEFLY,
INC.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
name of registrant as specified in its charter)</font></div>
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      </font></td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="27%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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          <tr>
            <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
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      </font></td>
            <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
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      </font></td>
            <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">13-3612110</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(State
      or other jurisdiction</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;of
      incorporation)</font></div>
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      </font></td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Commission
      file</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;number)</font></div>
            </td>
            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(I.R.S.
      Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;Identification
      No.)</font></div>
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    <div>
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            <td valign="top" width="40%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">42
      West 39<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">th</font>
      Street, New York, New York</font></div>
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      </font></td>
            <td valign="top" width="27%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">10018</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="40%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Address
      of principal executive offices)</font></div>
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            <td align="left" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Zip
      Code)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
telephone number, including area code:<font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: underline">
(212)&#160;944-8000</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold; TEXT-DECORATION: none">N/A</font></font></div>
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      <div>
        <hr style="COLOR: black" align="center" noshade size="2" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
name or former address, if changed since last report.)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check the
appropriate box below if the Form&#160;8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold;" face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;Written
communications pursuant to Rule&#160;425 under the Securities Act (17 CFR
230.425)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold;" face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;Soliciting
material pursuant to Rule&#160;14a-12 under the Exchange Act (17 CFR
240.14a-12)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold;" face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;Pre-commencement
communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: bold;" face="Wingdings">o</font>&#160;&#160;&#160;&#160;&#160;Pre-commencement
communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
November 5, 2010, Neal Moszkowski resigned as a member of the Board of Directors
(the &#8220;Board) and the Option Plan / Compensation Committee (the &#8220;Compensation
Committee&#8221;) of Bluefly, Inc. (the &#8220;Company&#8221;).&#160;&#160;Mr. Moszkowski had been
designated to serve on the Board by affiliates of Soros Fund Management LLC
(&#8220;Soros&#8221;) pursuant to the Amended and Restated Voting Agreement (the &#8220;Voting
Agreement&#8221;) by and among Rho Ventures VI, LP (&#8220;Rho&#8221;), Soros, private funds
associated with Maverick Capital, Ltd. (&#8220;Maverick&#8221;) and private funds associated
with Prentice Capital Management, LP (&#8220;Prentice&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Under the
terms of the Voting Agreement, Rho and Soros each have the right to designate
two designees to the Board, and Maverick and Prentice each have the right to
designate one designee to the Board, in each case, subject to minimum ownership
thresholds and compliance with applicable rules of the Nasdaq Stock Market LLC
(&#8220;Nasdaq&#8221;).&#160;&#160;The Voting Agreement also provides that one designee of
each of Rho, Soros, Maverick and Prentice have the right to serve on each
committee of the Board; provided that if the Nasdaq rules require that such
committee must consist of members who are &#8220;independent&#8221; (as defined in
applicable Nasdaq rules), then such designee must be
&#8220;independent.&#8221;&#160;&#160;If the Company establishes an Executive Committee, a
designee of each of Rho, Soros, the Maverick and Prentice will be entitled to
serve on such committee.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soros has
not named a designee to replace the vacancy on the Board created by Mr.
Moskowski&#8217;s resignation.&#160;&#160;However, David Wassong, another Soros
designee, was appointed to the Compensation Committee to replace Mr. Moszkowski.
While Rho has named Habib Kairouz as a Rho designee pursuant to the terms of the
Voting Agreement, currently Rho has not named a second designee to the
Board.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On the
same date, the Board appointed Denise Seegal as an independent member of the
Board.&#160;&#160;Ms. Seegal is not a designee of any of the parties to the
Voting Agreement.&#160;&#160;Neither Ms. Seegal nor any immediate family member
of Ms. Seegal has engaged in any transaction with the Company since the
beginning of the Company&#8217;s last fiscal year, and no such transaction is
currently contemplated, in which the Company is or was to be a participant and
the amount involved exceeded or will exceed $120,000 and in which any related
person had or will have a direct or indirect material interest.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
connection with the appointment of Denise Seegal and in order to provide
compensation to directors designed to attract and retain high quality directors,
the Compensation Committee of the Board approved a modification of the existing
director compensation program for nonemployee directors. As modified, the
program provides for a $100,000 equity grant for new directors who join the
board and annual grants of $25,000 for all directors, at the first regularly
scheduled board meeting following the annual meeting of each fiscal year; a cash
annual retainer of $15,000 per year; cash per meeting fees (for in person
meetings) of $1,500; a $10,000 additional annual cash retainer for the Audit
Committee Chair and $5,000 annual cash retainer for the Chair of any other
committee. All equity grants shall be under the Company&#8217;s 2005 Stock Incentive
Plan (the &#8220;Plan&#8221;) and shall be either in the form of restricted stock or stock
options (with value determined for options based upon the Black Sholes method of
valuation), as elected by the director. All equity awards for joining the board
shall vest in three equal annual installments commencing with the first
anniversary of such grant. All annual grants shall vest on the first anniversary
of the date of grant.&#160;&#160;Designees on the Board of Soros, Rho, Maverick
and Prentice waived their right to any cash compensation for serving as a
director at this time, subject to reconsideration of such determination for
future years.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The grant
to Ms. Seegal will be made two business days after the issuance of the Company&#8217;s
earnings release for its third fiscal quarter and the issuance shall be based
upon the fair market value of the Common Stock at the close of market on such
day.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)&#160;Exhibits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Exhibit
      No.</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="83%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Description</font></div>
            </td>
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      Release dated November 8, 2010.</font></div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>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.</font></div>
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              <td colspan="2" valign="top" width="38%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">BLUEFLY,
      INC.<br>(Registrant)</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
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                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:
      <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">November
      8, 2010</font></font></div>
                </div>
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              <td valign="top" width="3%" style="BORDER-BOTTOM: #ffffff solid">
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              <td align="left" nowrap valign="top" width="35%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/&#160;Kara
      B. Jenny</font></td>
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              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Name:&#160;
      </font></td>
              <td align="left" nowrap valign="bottom" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Kara
      B. Jenny</font></td>
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              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Title:</font></td>
              <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Chief
      Financial Officer</font></td>
              <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;</font></td>
            </tr>
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{"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": "101172886"}, "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"}}
Unassociated Document
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): November 5, 2010
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:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
ITEM
5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN
OFFICERS.
On
November 5, 2010, Neal Moszkowski resigned as a member of the Board of Directors
(the "Board) and the Option Plan / Compensation Committee (the "Compensation
Committee") of Bluefly, Inc. (the "Company").  Mr. Moszkowski had been
designated to serve on the Board by affiliates of Soros Fund Management LLC
("Soros") pursuant to the Amended and Restated Voting Agreement (the "Voting
Agreement") by and among Rho Ventures VI, LP ("Rho"), Soros, private funds
associated with Maverick Capital, Ltd. ("Maverick") and private funds associated
with Prentice Capital Management, LP ("Prentice").
Under the
terms of the Voting Agreement, Rho and Soros each have the right to designate
two designees to the Board, and Maverick and Prentice each have the right to
designate one designee to the Board, in each case, subject to minimum ownership
thresholds and compliance with applicable rules of the Nasdaq Stock Market LLC
("Nasdaq").  The Voting Agreement also provides that one designee of
each of Rho, Soros, Maverick and Prentice have the right to serve on each
committee of the Board; provided that if the Nasdaq rules require that such
committee must consist of members who are "independent" (as defined in
applicable Nasdaq rules), then such designee must be
"independent."  If the Company establishes an Executive Committee, a
designee of each of Rho, Soros, the Maverick and Prentice will be entitled to
serve on such committee.
Soros has
not named a designee to replace the vacancy on the Board created by Mr.
Moskowski's resignation.  However, David Wassong, another Soros
designee, was appointed to the Compensation Committee to replace Mr. Moszkowski.
While Rho has named Habib Kairouz as a Rho designee pursuant to the terms of the
Voting Agreement, currently Rho has not named a second designee to the
Board.
On the
same date, the Board appointed Denise Seegal as an independent member of the
Board.  Ms. Seegal is not a designee of any of the parties to the
Voting Agreement.  Neither Ms. Seegal nor any immediate family member
of Ms. Seegal has engaged in any transaction with the Company since the
beginning of the Company's last fiscal year, and no such transaction is
currently contemplated, in which the Company is or was to be a participant and
the amount involved exceeded or will exceed $120,000 and in which any related
person had or will have a direct or indirect material interest.
In
connection with the appointment of Denise Seegal and in order to provide
compensation to directors designed to attract and retain high quality directors,
the Compensation Committee of the Board approved a modification of the existing
director compensation program for nonemployee directors. As modified, the
program provides for a $100,000 equity grant for new directors who join the
board and annual grants of $25,000 for all directors, at the first regularly
scheduled board meeting following the annual meeting of each fiscal year; a cash
annual retainer of $15,000 per year; cash per meeting fees (for in person
meetings) of $1,500; a $10,000 additional annual cash retainer for the Audit
Committee Chair and $5,000 annual cash retainer for the Chair of any other
committee. All equity grants shall be under the Company's 2005 Stock Incentive
Plan (the "Plan") and shall be either in the form of restricted stock or stock
options (with value determined for options based upon the Black Sholes method of
valuation), as elected by the director. All equity awards for joining the board
shall vest in three equal annual installments commencing with the first
anniversary of such grant. All annual grants shall vest on the first anniversary
of the date of grant.  Designees on the Board of Soros, Rho, Maverick
and Prentice waived their right to any cash compensation for serving as a
director at this time, subject to reconsideration of such determination for
future years.
The grant
to Ms. Seegal will be made two business days after the issuance of the Company's
earnings release for its third fiscal quarter and the issuance shall be based
upon the fair market value of the Common Stock at the close of market on such
day.
ITEM
9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit
      No.
Description
99.1
Press
      Release dated November 8, 2010.
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:
November
      8, 2010
By:
/s/ Kara
      B. Jenny
Name:
Kara
      B. Jenny
Title:
Chief
      Financial Officer