One Kings Lane shutters Hunters Alley, lays off 15% of staff

Posted on Friday, June 20, 2014.

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.