One Kings Lane to layoff 20% of staff
Around six months ago, One Kings Lane raised a round of funding that valued the company at $900 million. Now the online home furnishing company is going to lay off around 75-100 people, according to sources with Re/Code. Some employees were given a layoff notice on Tuesday. The job cuts will affect between 15-20% of the staff at the company.
This past January, One Kings Lane announced a $112 million investment round of funding led by Mousse Partners. One Kings Lane has raised over $220 million in funding thus far.
In April, One Kings Lane announced that CEO Doug Mack was departing to run a sports e-commerce company called Fanatics. One Kings Lane’s CFO and COO Dinesh Lathi was named as CEO after that.
One Kings Lane was founded by Susan Feldman and Ali Pincus in 2009. The company sells home decor and furniture at a discount using a flash sales model. The flash sales model has been volatile in the past couple of years. Fab.com laid off many workers have raising millions in funding. Gilt Groupe suffered from layoffs, but was able to get back on track. Zulily had a successful IPO late last year and now has a market cap of around $5 billion.