The $67 million investment in Allopneus will help Michelin better understand online tire buyers, the tire maker says.
The merchant says its restructuring affected all areas of its business, and includes the closure of Hunters Alley, a marketplace of used goods it launched last year.
After only two months on job, One Kings Lane’s new CEO Dinesh Lathi has been busy with an unpleasant task: laying off workers.
Home décor e-retailer One Kings Lane let 79 employees go last week, a spokeswoman confirms. The move impacted 15% of the retailer’s workforce across all departments in its three offices in Los Angeles, San Francisco and New York.
The merchant also shut down Hunters Alley, a marketplace of used goods the merchant launched last year.
The layoffs were a strategic management decision aimed at driving profitability, as opposed to focusing solely on top-line sales growth, according to a source familiar with the decision-making process.
The layoffs come around two months after One King’s Lane CEO Doug Mack left to lead web-only sports gear seller Fanatics Inc. They also come six months after the retailer raised $112 million from Mousse Partners and other investors in a funding rounding that valued the e-retailer at $912 million.
One Kings Lane has raised $229 million since its founding in 2009. The merchant, ranked No. 99 in the Internet Retailer Top 500 Guide, brought in an estimated $320 million in sales last year, up 60% from 2012.
One Kings Lane isn’t the only flash-sale retailer of home goods that’s laying off workers. Fab.com, No. 183 in the Top 500, announced in May that that it would lay off 80-90 workers at its New York City location. That represents one-third of the e-retailer’s global team, and comes after previous Fab.com job cuts.
One Kings Lane is the sixth-largest online retailer of housewares and home furnishings in North America in terms of e-commerce revenue, while Fab.com is the eighth-largest, according to the Top 500 Guide.