An announcement from thredUP ( (TDUP) ) is now available.

ThredUp Inc. has divested 91% of its European business, Remix, to General Manager Florin Filote for €1, while retaining a minority stake. This strategic move allows ThredUp to concentrate on its core U.S. market, while Remix operates independently to expand in Europe. The transaction includes a convertible promissory note from Remix to ThredUp, reflecting prior investments. The divestiture is expected to benefit both parties by aligning them with their respective market strengths.

For a thorough assessment of TDUP stock, go to TipRanks’ Stock Analysis page.