Online consumer electronics trade-in company to invest $22.3 million
LOUISVILLE, Ky. (June 17, 2013) – Gazelle Inc., the nation’s leading consumer electronics trade-in site, plans to establish a 37,500-s.f. processing center on Global Drive in Louisville’s Jefferson Riverport area. The company plans to create 438 new jobs and invest $22.3 million in the commonwealth over the next several years.
“Gazelle saw a consumer need a few years ago and has worked to fill that void, and that is what a great business is all about,” said Gov. Steve Beshear. “The company has paid out more than $100 million for used consumer electronic devices and is growing more than 100 percent year over year. That shows the type of growth and success that will drive their 438 jobs and $22.3 million investment, and we couldn’t be happier they’ve decided to invest here in Louisville.”
Gazelle opened its doors in 2007, and began pioneering a new idea called “reCommerce” that led to the consumer electronics trade-in site, Gazelle.com. The company offers consumers an opportunity to earn cash for laptops, tablets, smartphones and other electronic devices, and has accepted nearly 1.5 million items people no longer needed.
“We are proud to be opening this state-of-the-art facility in Louisville and appreciate everything Gov. Beshear, Mayor Fischer, the Kentucky Economic Development Finance Authority and Greater Louisville Inc. have done to help us get to this point,” said Israel Ganot, co-founder and CEO of Gazelle. “We chose Louisville for this facility because of the great workforce, because it’s a major shipping hub and because of all the state did to make it economically attractive for us. We’re looking forward to extending our rapid growth trajectory and sharing our success with this fine community.”
The Kentucky Economic Development Finance Authority preliminarily approved the company for tax incentives up to $3 million through the Kentucky Business Investment program. The performance-based incentive allows a company to keep a portion of its investment over the term of the agreement through corporate income tax credits and wage assessments by meeting job and investment targets.
“Gazelle is a perfect example of the kind of confidence that businesses have in our community,” said Craig Richard, GLI president and CEO. “These new and high impact jobs, along with such a significant investment in our increasingly desirable logistics and distribution sector, are welcome boosts to our local and regional economy.”