ThredUP (TDUP) said Tuesday it divested its European business, Remix, in a management buyout led by Remix General Manager Florin Filote.

The company said it retains a minority stake in Remix, which received a final cash investment of $2 million from ThredUp before the transaction closed to help fund operations as Remix continues to independently raise funds.

Shares of ThredUP were up nearly 2% in recent trading.

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