The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
Shawn Kernes comes to the flash-sale site from Cash4Gold.
Private-sale site Beyond the Rack Inc. has hired Shawn Kernes as vice president and chief technology officer. Kernes will lead the company’s technology teams in New York and Montreal.
Kernes joins the company from Green Bullion Financial Services, better known as direct gold buyer Cash4Gold, which he joined in 2009 as chief technology officer and chief operating officer. He previously held senior technology roles at ticket reseller Stubhub and at eBay, which acquired Stubhub in 2007.
“Shawn Kernes comes to us with an extensive technical background and experience in managing some of the world’s top web-based companies. He will play an integral role in the evolution of Beyond the Rack’s technology strategies,” says Beyond the Rack CEO Yona Shtern.
Beyond the Rack announced in July that it had raised $12 million in new venture capital, which the company said it would use to fund growth. The site, launched in March 2009, sells designer apparel and home goods at deep discounts to its by-invitation-only membership. It offers up to 10 sales per day and has 2 million North American members. Last month, it hired Jim Weinberg as vice president and chief merchandising officer.