One Kings Lane announced that it will be shutting down Hunters Alley, according to re/code. The eBay-like marketplace launched in January as a platform for people to sell used furniture and home decor directly to others.
It was also reported that One Kings Lane has laid off 15% of its staff (79 jobs in total) in a corporate restructuring. The layoffs come less than six months after a $112 million investment that valued the company at more than $900 million.
New CEO Dinesh Lathi is said to be focusing as much attention on bottom line as top-line growth. The company is not currently profitable and revenue growth has slowed recently, according to the article.
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